Yes, it would be a mistake. And I won't do it.
BUT. . .
By my math, and sourcing parts locally, I could have it in "good condition" for about $700 above purchase price. There is a chance I could buy it for around $2,000.
I'm not saying I would do it at that price, but I am saying it would be difficult to feel like spending $2,700 on a car was an unreasonable financial decision.