if your a competant mechanic and welder then by all means go for it
but to get a decent mk1 gti below 2000 is gonna be difficult
i did see a silver mk1 going for 1600 that was a runner and with better bodywork than that
tbh mate you may pay 700 for that one but could spend 2000 easily bringing that back to its former glory

i dont want to put you off mate just look around alot more it took me nearly a year to find mine