Its gonna take two of these three things:
1.) A lot of work.
2.) A lot of money.
3.) A lot of love.
If two of those fit your state right now and maybe for the next five years, then go for it, you'll love it.
EDIT: I know you were looking for a dollar value, but I'm not able to answer your question based on a few pictures. Before you do anything find out how much rust it has.
I'm still waiting on the guy to call. He was at work when I was in town, but his wife sounded pretty interested. I'm just trying to get a ballpark figure on what I should pay. I bought my 1970 Mach I last year for $1000. The body was a bit better and after changing fluids, points, plugs and a battery it fired right up. This one has PS, PB with front disc's my other one does not. The really odd thing is the dash on this thing looks brand new.
Here's what I do. I find a small town with no main highways running through it. That means the only people that go to the town most likely live there and there's none of these just passing by people that see the stangs. I go to the local convenient store and tell them I'm looking for the guy that has that mustang setting by/in a garage/barn/field/yard.
Once I find one and talk with them I ask about any other mustangs around town. In this case I asked at the local garage and was told about one. After finding it(1969 Mach I) I talked to the owner who said he didn't want to sell(although he took my phone number just in case) but he had sold another to a guy down the street. He drove down and showed me his house where this one is rotting in the garage. As I drove to get batteries for my camera only 2 blocks away I found a 1965 coupe rotting in the front yard of another house.
Sounds like you have a great systems there. I know where there is, Ithink a 67 coupe just sitting. and has been for at least 5 years that I am aware of. yesterday I past and there was a lady out painting the garage door, I am kicking myself for not stopping and asking about the mustang. My wife has said a few times that she like that style coupe. Maybe if it still there in the spring I will go and talk to the owner.
Man, what state are you in? SoCal is one of the worst places to find something like that. You got your '70 in nearly-running condition for half what I got my "driveline not included" '68. I only know of a single '67-68 fastback deteriorating in someone's yard, but they wont sell and "basket case" doesnt even begin to describe.
True story:
Flashback to 1983, me and my friend are driving in the country, he has a 67 c-code vert and I have the 67 GT s-code fastback. We are talking smack about how cool it would be to see an old Shelby parked along side one of the many barns and farmhouses along the small highway. Not even five minutes later...no chit...we look over and see one on a trailer behind a trailer-home. After skidding to a stop we turn around and go over there. They guy says it was for sale. It was a early 68 GT350 with a K-code. No visible rust VINs looked authentic, backseat and trunk full of NOS boxes of parts and trim. Body was all primer but straight, original color was red D), did not check for bondo. Started and ran smooth (solid lifters were music) but clutch was fried so it could not roll. Guy was asking $5K which might have well been a million to me back then. Sigh.
Closest I've ever come to a real deal like that, even though $5K was a little on the high side for a Shelby project back then, Minimum wage was $3.35/HR IIRC, and a new Mustang cost under $10K (for perspective). The S-code GT cost me $1,000 and it was 100% original and complete, paint was oxidized beyond hope and it needed a tune-up but it was heavilly optioned with the convenience group and tilt wheel etc. In the modern lexicon then a Shelby in project condition cost about 5X what a B-class S-code 67 fastback costs....sounds about right today. The complete 67-GT-FB would get around $20 which would mean the Shelby was worth $100K...errrrrr...wait a minute...not for a small block 68...big block 68 yes...big block 67 try $150. Oh well, still ballpark. The NOS boxes were probably worth more than the $5K he was asking, but go to a banker back then and ask for a loan to buy a 15 year old car...LOL.
You need to get out into rural America, away from the cities, into the red states. These cars ARE out there.
Roughly $5K if the interior is complete. I paid $5K for my 70 mach that didn't run but had decent paint, but i got the seller to end early on ebay. After it ended others offered the guy $10K+. The body seems very straight on that car, but i'd be crawling under that car to see whats underneath especially the rear portions of the front and rear frame rails along with the usual torque boxes and floor boards. Being an M code makes it worth a bit more but too bad it's not a shaker car. Mine is an H code and no shaker. Good find! Seems all the ones i can find are sitting outside and we all know what happens when a mustang sits outside for more than a few years