Most of us do this for the fun of it. If you are in it solely to make money, I would suggest you get a job at Wal-mart. It pays a lot better. It is not unusual for me to sell a bike for $100 more than I paid for it. However, I usually have about 20 to 40 hours of labor invested as well.
The starting pay at the local McDonald's is about $9/hr.
If you want to fix up the bike for fun, go for it, you might be able to get a little money out of it.. If you want to fix it for profit, junk it.