Find out what the local salvage yard will pay you for it. Then deduct what you figure it will cost you to haul it to the scrap yard and then deduct another 5%-10% just to be on the safe side, so you don't lose money on it.
Pop didn't fix it 'cause Pop didn't want to spend that much money on it, and now you have another 15 years of weathering and such to contend with. BTDT with one of my tractors years ago. About everything that wasn't shot at the time I fixed the motor, rusted through, broke, or fell apart over the next couple of years.
If you fix it for yourself, you might as well strip it to the bare frame and FIX it, and be prepared to spend whatever it takes, resale value be hanged.
If you intend to fix it and sell it, or part it out, I would be pretty cautious and look that thing over with a fine tooth comb.
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Today's Featured Article - The River Tractor - by Charlie English Jr.. This is a 4010 John Deere that was used to farm on the Diamond Island which is in the Ohio River about 15 miles southwest of Evansville, Indiana. About ten years ago, this tractor was parked close to the bank as the river was washing the bank of the island away.
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