I never saw a Cobra go for $200. in any condition in my area. A decent project that needs work would bring at least $1000. I can't score ANY II's around here for $200. even if they're falling apart.
A local yard has a pos V8 Ghia with a smashed in roof and most original parts are missing under the hood and he wants 5 for it. I offered $350 and he didn't budge. All I want is the fuel tank, doors, and trans.
Yeah, it looks like you got a good deal on your Cobra too. And like I said before, you have one of the cleanest looking Cobras I have ever seen. The all white look stands out real nice.
I'd say the Cobra in question is at least worth 5 to $700. for a nice project as long as there's no major frame rust or damage.