I flipped a similar truck (jacked up '99 F-.350 V-10). I bought it for like $2500, sold the tires for $1k and another set of tires, fixed the brakes for $400 then sold it for $3k. My truck had 125k on it.
Beings that the truck you're looking at is 2wd and a high mile V10, I would stay away. To anyone that knows Ford, especially V-10 the big issues are that these trucks are known to blow spark plugs, and essentially nuke at 200k miles. Other than that, if it's an automatic it will have the 4R100 trans which is a WEAK tranny for this truck, really it is a half ton transmission.
I think $1k is about what it's worth and honestly it's not worth the headache of fixing it up for a couple hundred bucks but that's just me. It will be a hard sale because it's 2wd, V10, if it's an auto it has the bad trans, and it's an extended cab long bed. Most people want not only 4x4, but also either a crew cab long bed or crew cab short bed. You will have to try to find the guy starting up a lawn care business to sell this to.
The good thing though is it looks like a Lariat so if the interior is in good shape you can part it out for $700 pretty easy between the running boards, mirrors, and interior.