Before starting to read your text I glanced at the first pic and thought "..ah, a '36." based on the right rear fender and hood trim that were visible. I'm with Randy that that trunk lid rust would indicate much more rust to be found, though a thorough inspection is obviously in order to really give you good advice. Without seeing it in person I'll guarantee you the rear fenders are rusted through where they attach to the running boards. But, based on what's evident I'd fall in between Roger and Mick. Mick's number is in line with what we see out west with moderately (yeah that's a relative term, to a Michigander moderate means there's still about 100 pounds of steel left) rusted rigs. Roger's number would be right for a heavy (again, by western standards) rust infested car. That being said just a couple items as examples: That grille looks like it might be the coveted "one piece" grille which, if in near perfect condition could sell for $1000 by itself. Rear fenders on these are unique to coupes and roadsters which makes them more valuable than the more common sedan ones. That left rear looks pretty bad from what I can see of it though in the right hands almost any of these can be saved. They're valuable enough that Bob Drake is reproducing them in steel, the first ones should be available in the next few months. IIRC he's going to be around $700 each on them. A little higher than nice originals, but not by much. Last suggestion is check the frame. The usual weakest point is toward the rear where the X member intersects the side rails. Mud would get packed in there and over time eat through, as well as the rear body mount in the same area on the outside of the rail. Lots of opportunity to get laid away on these, but also lot's of upside because it's a coupe with a trunk rather than rumble. If it's not too bad rust wise (again, western standards) I'd put it around $5k....more if it's better than I'm guessing, or less (as in pass on it except to part out) if it's worse.