Depends where you live, as is right now around here $50, $75 max. Its towards the basic end, and needs a fair amount of work. Most buyers want bikes ready to ride, those buying projects want them cheap.

As far as fixing it up, it depends on how resourceful you are, and who does the work. A resourceful person, doing the work themselves, would do fine fixing it up. Sold as is, that is probably who will buy it.

Its pretty easy to get upside down even on a free bike if you pay retail for parts, and have a shop do the labor. Nothing against bike shops either, they have bills to pay, taxes, overhead, wages, rent, and hopefully will have something left as a profit.