https://www.manorparkclassics.com/auction/search/?st=Morgan&c=1That's a fair offer. The problem is that Morgans aren't really rare. It's not a worn-out Bugatti. In the sales ads on the usual platforms, you can find much better 4/4s that don't need any repairs. Nevertheless, if you add up the purchase price and restoration costs, they are cheaper.
And the die-hard hobby mechanics who do everything themselves, from bodywork to painting, are almost extinct.