Trying to determine FMV by consensus - please guess

[riedener]

Hi,

This is a bit whimsical, but also somewhat serious. I’m trying to determine the fair market value of this airplane. Averaging multiple perspectives, or crowd sourcing, can be a pretty good way to find a consensus.

This is an EAA chapter project that was donated to our chapter. We’re trying to assess FMV as-is, and as an airworthy airplane.
These numbers will help us decide how much to invest in the project. The airplane is NOT for sale. We plan to make the airplane airworthy, but probably not too lavish.

The airplane was stored outdoors. It has been out of annual for 20+ years. We cleaned it up and disassembled the motor.
We had an A&P/IA look it over. He didn’t find any issues. Surprisingly there’s only a small amount of surface corrosion.

Photo log: https://photos.app.goo.gl/dRSXtCf6L8gXrgfZA

Please give a value for the entire airplane or for the sub-assemblies, e.g. the wings, airframe and motor. You can give a range to your guesses.

Examples – replace x and y with your guess:

Airplane as-is value:
Airframe: $x +/- $y
Wings: $x +/- $y
Motor: $x +/- $y
-----------
Total: $x +/- $y

This model if airworthy:
Airframe: $x +/- $y
Wings: $x +/- $y
Motor: $x +/- $y
-----------
Total: $x +/- $y

I’ll average the guesses to create a consensus. I’d be happy to answer questions in a PM or in a separate post.

Here are some more details to consider:

1946 Cessna 120 S/N: 9798. Engine: Continental C85-12. The airframe has 2168 hours. All A/Ds were current as of 2001. McCauley Met-L-Prop DES 1A90 CF714 in good condition. Have ailerons, doors, etc.

The engine (a replacement) has 2931 TT, 631 SMOH. It was installed in 1977.

Engine logbook entry: Logs lost. Estimated TT 2400 hours. Steel parts magnafluxed. Used: .015” O.S. cylinders overhauled, New .010” undersize rod and main bearings, new .015 O.S. rings, new piston pins, new rod bushings. New mags. Carb disassembled and cleaned. Engine tested 1.5 hours.

I look forward to seeing your answers.

Thank you,
Chris

[gryph0n]

$3500 as-is, based on the engine description and the photographs