IMay be worth checking out, but $20 says the frame is bent, and I'm guessing you don't know how to fix a bent frame (but I could be wrong)
It may not be a terrible project, but thae fender, bumper, hood, headlights, grille will cost you probablty $1000 at least, assuming you find them in silver, plus at a minimum its going to take a new radiator, temp unit, etc.
I'd say best case scenario- not including your time, your in it for 6k for a high mileage 230, non kompressor, with a salvage title that you can't sell... and thats a LOT of time... I'd rather pay 6-7k for one thats in better condition.
As I stated, thats BEST case scenario. Chances are you'll need to straighten the frame or weld a new front end on there. Around here its about $100 an hour for frame work, 1.5 hout setup time, plus an hour for the measuring system, plus say best case scenario is 6 hours, so another 600-1000 for the frame straightening... and it will probably never be perfect.
Very good chance your into a 8500-9k salvaged title 140k 230, which is probably worth 6k? But if you want to learn how to do all that it may be worth it for the experience, but seems a little steep. If it was a SLK 350, it may be worth it. Thats going to sell to someone who is pulling it for parts, not rebuilding it.
If you end up giving it a shot though, keep us posted how it goes!