First, I like Amerigo
FG-16's and have been looking for one myself for several years and, after completing about 10 project RV's myself, I have little fear of fixers.
Looks like a typical uncared for FG-16, 1971(?) to 1975(?) They were built by Amerigo a company that was initially independent in Bristol, IN building slide-in campers. . In the early 70"s (1971?) Amerigo was bought up by Stewart Gardner (Gardner-Pacific, Toyota Sunraders) who eventually sold part interest in the company to Kamp Grounds of America (Yep, that KOA).
Although there was an Orange, CA office mentioned on the literature, I believe that was only a fiberglass layup house for his several companies and most were assembled in Bristol, IN right down the street from his house.
As in almost all FGRV's, value is first based on Condition, Condition and Condition..... everything else is much later. I have seen FG-16's that looked like they were just made, sell for between $ 3-6000. There was one in WA for $5500, about two years ago, that looked brand new and even had the optional upper bunk bed over the dinette.
Fixers are all well down-scale from that simply because rebuilding these trailers is can be very expensive and labor intensive. With that much water damage I'd put that one in the $500 or less fixer category, and only if it has clear title
I am guessing that it will have to be gutted and a new floor constructed, a real bear of a job as the Americgo has a full belly pan. If fact, with a careful inspection, it may earn the label of "Total Loss" because it may cost more to repair than it will be worth when done, even if you only count your own labor at minimum wage.
The Amerigo is a Niche FGRV, it's "older" had a nice floor plan, can fit in some garages, and is fairly basic as new. Also, due somewhat to Mr. Gardners business model, other than the outside shell, quality isn't a watchword for Amerigo's.
Right now there are 3-4 on this site that are being worked on as projects and progress seems to ebb and flow as the amount of work needed is discovered.
In short... I don't think that they are all that great a first FGRV to learn on because a lot of mistakes and miss-guesses will be made in the process. As a result, I am guessing that 75% of all fixers get sold as fixers, with a lot of work and money put in and little value added. My own Hunter Compact was a 7 year long project before I bought it. Fortunately it was all good work on good bones, but so many are never completed, especially by the first attempt.
Cheaper and better might be to find one in a lot better condition, especially without that kind of water damage.
Hopefully the several that are rebuilding Amerigo's will chime in as well.
BTW: Did you look here: http://www.fiberglass-rv-4sale.com/m...glass-trailers
Look under "Other"