Heatwave

Hi all. I have the chance to buy a 1950s Gibson J160E that needs a lot of work at about the $1500 mark. I would guess $500-700 in restoration/repair. I understand it’s a rare guitar, but I just don’t know enough about Gibsons to know if this is reasonable. I would like to enjoy it, not looking to sell. Would it be something of value to pass onto my kids? Thank you.