Forget the learning experience offerered by getting an old non-functional motorcycle. Unless you enjoy frustration, tell your buddy that you will take a pass. Maybe there is a really good reason the bike has 1400 miles on it in ten years. One that you won't find out until you are elbow deep in grease, surrounded by a bunch of parts on the floor, and out a couple grand. Been there, done that. Bad way to start a riding career. I think Gabe's estimates are probably low, and is a best case scenario. It's likely the bike will need lots of work and money. Not worth the trouble unless it's a donor bike and you know what you are doing and how to do it. If you take a bike like that to a dealer, bust out the Vaseline and the checkbook. Just go buy a mechanically sound used bike, and learn how to ride. You can always bust your knuckles later, if you feel the need. Too many nice used bikes out there to buy to take a chance on that one.