Here's what I go by:
Does it run? Any running bike is worth more than one that is seized up, doesn't have an engine, or has a hole in the block.
Does it ride? Can you test the transmission? Does it shift, roll, stop?
Does it pass inspection? How much money will you put into it in order to pass inspection? Does it need tires, lights, etc?
This all changes depending on what yours plans are. My plans usually involve a shake down season. Making sure the engine is in good shape by giving it a good season of riding. Then from there I'll start the build
Some people buy bikes and immediately remove the engine for rebuild, replace with new tires and lights. For them, the build is more important than the ride. This route is more expensive.
Whats your plan?
