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This seems like a parts car to me. You could put work into making it run/drive but people will avoid it like the plague if you try to resell is due to the salvage title.
In general a salvage title takes 50% of the value off right off the bat. "Rebuilt" isn't AS bad IME.
You will put a fair amount of money into the fuel system, timing belt, tune up, other fixes to make it a driver. Then you have to find someone willing to put up with the salvage title. I would offer him $1000 and see what he says if you have the time/space/willingness/ to part it out.
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