Not sure what the market calls for in California, but I bought a distressed but mostly complete 1956 blue Corvette for $165. Was my first older bike project and after a complete clean, lube, new Westwind repops, new cables and covers, new brake pads, relaced wheels,fenders rolled and polished, correct grips, and a close but no cigar crash bar seat, and correct pumpkin head light, I would be lucky to see $700 out of it, thats about what i have in it. So him saying a $1000 for a bike restored, you would have to put $1200 to $ 1400 in to make a $650 profit. Welcome to bike collecting!! Just my opinion, Joe.