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You may want to begin by estimating what the value of your finished project will be. After that, simple math will tell you what you can afford to pay for the project vehicle. If, for example, you figure on a finished cost of $20,000 for your completed motorhome, and it's going to cost $10,000 for parts and labour, you can afford to pay the last 10 for the Sleeping Beauty. But in most cases, you'll find that the parts and labour ate up all of your projected finished value and more, so bear in mind that the hulk you're shopping on really has little value at all. As for labour, you should allow yourself at least some value for your time, and factor this into your cost price. Meaning, if you buy a "turn-key" bus, you spend no time and need factor in no cost. If you start with a complete hulk, the time and material costs will almost inevitably turn out to be some number of times more than estimated.
It never hurts at this stage to have an associate in on the exam - from a less-involved friend to a hired-hand professional mechanic. Your expertise and objectiveness should be suspected in a purchase of this nature. Now, let's look at the basic areas to examine.
Rust repair, for instance. Rust never sleeps, and once body rot has begun, it can be a never-ending battle to keep up with it. Not to mention that it will inevitably turn out to be worse than you thought once you get in there. This is a particularly important consideration with unibody construction - there is no heavy-gauge frame upon which the Flxible Clipper body sits - the body is the frame. Thus, a weak suspension mounting point, for example, will mean you need to do some extensive restoration work just to keep the tires from scraping the wheelwells, once it gives out. Personally, I walk away from rust as fast as I can! - And, unless you're an experienced and well-equipped expert, I strongly recommend you do the same!
Glass is another serious consideration. In the 5 or so years that this writer has been involved in Clipper restoration, windshield glass has been a major concern of many owners. Fortunately, there has always been glass available, but at a price. There were a number of pairs in existence at $US350 per side (plus $100 shipping) for some years, but this supply was suddenly bought up about 1999. Another order of glass was made, and some pairs are still available, this time at $1000 plus shipping. So the condition of the windshield glass is an important consideration.
Next, the Power Train. Does it run? If it doesn't, will it really just require a new battery and a little tuning up? In almost all cases, the answer will turn out to be no, definitely not. The major reason for abandonment of the Motorhome will have been that it just wasn't reliable any more - when it gets to the point where it takes all day to get it started, or it's overheating so badly it just won't climb hills, or it won't run at all, that's when it gets parked to await a rebuild or re-power - or, most likely, the arrival of a new would-be owner. In most cases, it goes through a few of those before one comes along who realizes what it needs, and factors a repower into his plans before proceeding any further. Careful shopping, doing all the work yourself, and settling for a big-block gasoline engine can get you through for as little as a couple of thousand dollars, but going Deluxe with a new diesel and matching 5 or 6-speed automatic can easily put it on the windy side of ten.
It's nice to dream that the existing engine can be made to run with just a little TLC, but, trust me, it's usually the reason the bus came out of use. And often, like the famous "one-hoss shay," the rest of the unit was in about the same condition. Add to that the deterioration of years of storage/neglect in the weather, and you've got a serious complete rebuild and restoration project on your hands.
And don't forget the radiator, which will generally need a seriously expensive re-core. That can be another G-note.
Tires. At first, if it's got round rubber that still shows some tread, it's good enough to drag home, and that's your major concern at that point. But a check on the dates of the tires (in the serial numbers) will likely reveal that they're 'way past their reasonable life expectancy (rubber deteriorates), so by the time you're actually on the road, you'll have spent from two to four thousand dollars on new tires and roadwheels - the "split rims" that are likely on there are hard to get serviced, dangerous to the tire techs, and cheap enough compared to the price of the new tubeless radials you'll be buying to fit on them anyway. So it'll be 2K basic, 4K if you decide on fancy wheels.
Brakes. This, like tires, is a job usually left to pros. Many Clippers have drums which reveal the thickness of the brake linings, so you can get an idea of whether a re-line is imminent, but you have no way of knowing the size or condition of the drums without removing and inspecting. This is a fairly large job, best left to a pro. If you guess right, and no drum or lining work is required, you're home free, but drums run about $250 apiece, so you may want to allow for 0-$1500 worth of brake work.
How about the exterior finish? It will be at some stage, from simply needing a wax job to complete stripping, priming, and painting. The existing paint will in all likelihood need redoing, but an even more important question is whether it will suffice as a base coat for new finish, or require complete stripping to bare metal. Peeling, reticulation ("crazing"), or just too many chips will mean the much more intensive total refinishing. The price of repainting can vary widely. While examining, don't forget that body rust under the stainless or aluminum side panels is also a consideration - in some cases, you'll have to remove it just to refinish the steel underneath.
Check also the aluminum or stainless fluted panelling. This can be very expensive to replace, and replacement will require access to the backs of all the rivets, meaning completely stripping the inside walls - or using a one-side rivetting process, such as Cherry Rivets, or the less strong Pop Rivets.
And finally, the House Part. The more astute among the readership will have noticed that we have not yet begun to discuss the actual home part of our motor home - if there is one. This will consist of clean and dirty water tanks, cabinetwork, appliances - such as furnace/air conditioners, stove, water heater, fridge, etc -, flooring, counter tops, drawers, closets, and all the things that make a bus a home. These, if they exist at all, will be in varying stages of repair - from good usable condition to throw-me-away. But if you're attaching any value to what's there, examine the condition carefully. It's well worth the time to hook up a propane tank (your barbecue likely has one) to the system and test the appliances before attaching any value to them - the time will be well spent in the long run. Be especially critical of the refrigerator - a new 3-way RV fridge can cost over $2000, and they are the most likely of all appliances to fail. In my experience they have a short lifespan, and the one in your Beauty will most likely require replacement. If in doubt, try it - if it won't freeze a plastic container of water in a few hours, it never will. Stoves and water heaters seem to last a lot better and usually work for many years. Still, don't even consider them there unless tested and passed. If acceptable, they can save a lot of money in your refit, but if they don't work, they'll just be more junk to dispose of.
Similarly, inspect the cabinetwork carefully, paying particular attention to doors, drawers, and countertops. "Homebuilts" particularly often turn out to be so unsatisfactory in condition that you'll end up tearing them out and completely replacing them, anyway, so why pay for them? You'd be better off if they weren't there!
Only after you've sussed out the requirements in these areas - and made realisic projections of the costs involved in bringing them "back up to snuff" - can you begin to come up with a realistic dollar figure for what it's worth to you.
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