If you work real hard on it for about 6 months and spend a couple thousand restoring it, you should be able to only loose about 50% of your money and all your time. Walk now.
Something is wrong there, I used to be able to take mine to 90 at least, just haven't done it in a while... Yep.Running 350s around here are $1000-2000, so I would hope they are cheaper in your neck of the woods!
My first reaction was "run like hell", but I understand the whole "I gotta make it work" thing. The parts availability for these things is about as good as can be for a 40 year old bike. These remains appear to be those of a CB350K4. First and foremost, see if the engine moves with the kick starter. The engine is the most redeeming feature of this model (it sure ain't the suspension). 17k miles was prime time for these things to seize a cam bearing.
IMO, you can easily find a vintage Honda in better shape that will cost less total cash than will this bike. Providing the title can be found, I would buy it dirt cheap [ see what I did there] and flip it on eBay; there is sure to be some knucklehead out there that will think this thing is worth the restore or parts. So many great classic Hondas out there; I'd look for one that is a better starting place. I ride a restored/modified SL350. Certainly not as powerful as a bike with a larger displacement, nor as nimble as a dedicated dirtbike, but they do have there element where they can shine. Clearly not the best choice for an overweight rider, nor for riding two up, nor for high speed highway riding. But they are nimble and peppy, and can be a blast on hilly, twisty roads; much more fun than a heavier bike, IMO. The 350 twin is also popular with the vintage race crowd, and speed parts are readily available for these motors, and any boost in HP on a small engine can be felt and appreciated. Aside from the cosmetic differences, there were some others between the CB, CL, and SL: CB and CL had identical motors and trannys, AFAIK, the SL had a different cam and some incarnations had some changes to the tranny gearing, I think to the 2nd and 3rd gear ratio. They also had different final gearing. The CB sprockets were 16/36, the CL was 16/38, and the early SL was 16/40 and later SL was 16/42. So the late SL would be much more peppy on the hillys and twistys, but less suited for highway than the CB.
Looks to me like it would be fun to tinker with. I say do nothing cosmetic and just see if you can get it running. There's something fun about a bike that looks terrible but runs and drives fine.
I had a similar bike (KZ400) drop in my lap, also. Except I knew it could/would run (it had been parked and neglected) and looked waaay better than that poor CB. I contemplated fixing it, but why? I had no desire for that particular bike, and plenty of other options to spend my rather limited time and money on. So I sold it to someone who just loves KZ400s. One of the prime reasons "project" bikes don't get finished is "losing interest" - it sounds like your starting out from "very little interest". Unless you've always wanted a CB350, or had one as a kid and want another one again, or have some burning desire for it, or really hate yourself, that great sage, Al Bundy said it best: "Now, Jeff, all kidding aside -- run. Run hard, run now, run silent, run deep. Run like Mexican water through a first time tourist, but the key word here is: RUN!"
You bought one new that would only do 65mph? I had a very clapped out CL125 twin that could hit 65 mph. A Honda 350 in good shape should have no problem getting beyond 90 mph. As for that bike, it'll be a lot of work. Some seious corrosion going on everywhere.
Serious masochist to "just love" KZs. I have had several and have two now. They are not very good bikes.
Make an OK parts bike for somone. Offer $50 then clean it a bit. sell it on CL for a parts bike for $200. I would buy for parts if it were closer but not worth the gas money.
If you can get clear title to it for cheap, here's what you do; strip it, and eBay any salvageable parts. Then sell the bare titled frame for $125-250. I had a CL350 that I could have easily and cheaply turned into a nice runner, but there was no title. I would have paid for a bare titled frame and just switched everything over if one had come up for sale. I'm sure there are other people in the same boat. I agree that this particular bike is not worth the effort. CB350s are not exactly rare. Save yourself the aggravation and start with something nicer.
Unless you're in it for the story and history...You'll spend more money on that bike than you would with picking up a clean, running example off Craigslist. Hate to say it, but those hondas are a dime a dozen, so you can find them cheap anywhere (well, at least in atlanta.) That thing looks all but toast with the amount of rust and corrosion on it. But hey, if there's a story or something special about it...by all means, restore it. We all love to watch
No bash plate (at least on a 'K4), but a 19" front wheel, different forks, shocks, tank, side covers, seat, handlebars, gearing, and the obvious exhaust.
I recently bought this off CL for $120.00. Motor is stuck, tank needs cream. Don't pay more than $50 for your find!
I'm going to skip on it, and offer the guy to do the legwork and pay for the transfer. And by me paying for it, I mean a co-worker who was looking for such a project (his wife says no bike, he thinks if he restores it bit by bit, it will grow on her ) will be paying for the paperwork and eventually fixing it. He wants to do a cafe racer type mod on it.
Congratulations dodging the bullet - maybe. Sounds like your co-worker knows alot about women, though. She says no bike, and gets a look at that thing, he'll be outdoors and the only thing that'll be growing is the knot on his head.
I'm sorry, but I don't get it. If the bike is a dime a dozen, wouldn't it be a lot easier to get parts? As far as the money goes, I'm past caring when it comes to my '84 Nighthawk. Whatever. If the guy has the will, the heart, the patience, and time, I say give it a try. Who knows? Maybe it's really about restoring some of his own spirit.
Walk, trot, run, whatever away If I was going to spend my time and money on a barn find like that pos, it would be a more rare and desirable bike.