Yes if you want a personal project. No if you want to flip.

What if I snagged a cheap miata?

If you buy it you won't get your money back on it as others have said. Personally I think they're damn fun with a good suspension and a welded diff. My buddy let me drive his around before he sold it. It was a blast to drive, even at over 20 years old the thing was tight as shit. It also had that HUD speedometer, was a pretty cool car.

You can get a full drivetrain for these for under like $400 lol. He could have a full running car for $800. Assuming there's literally no rust the car would sell for like $3k after that no problem where I am.

If you can flip it, sure. Otherwise it will probably end up giving you more headache in the long run.

If I had the time and space I would buy the first miata I saw under a grand and start building.
$1k for the car and another few K to swap in a LS (or more money if you buy a kit to do it) and you have a beast. Despite their girly reputation NA miatas look pretty nice when they are clean. Ive gotten tons of compliments in my dads NA, granted its not completely stock looking. The hard top makes it look much better.

Are you trying to flip cars? Again, yes project, no flip.

Haaaaard pass

Things be different here in 'Murica. People lowball to shit and there's alot of hatchback 240s.