Would you buy a flood damaged classic car?

You must be a dealer, salvage yard or have a licensed broker to bid on it, as IAA only has public auctions in a couple states. That car will do at least 8 grand, not to mention the auction fees, internet bidding fees, and it has to be paid and removed within 72 hours. If not, they hit you with daily storage fees.
That car was deep in at least brine water from the staining I see, so count on cylinders being pitted, not only connectors, but the copper inside the wiring being Black far away from the connectors. If they even tried to start it, it could have bent rods. Take it from someone who did this work every day.
I was recently trying to get a Duster for drivetrain and interior parts for my 70, and wrecked, hacked cars were doing well over 5 grand. They are showing that insurance had a value over 30 grand on that Demon, they will not release it cheaply. I hope this helps

The bidding just opened on it today - already at $4,525 and runs through next week. If you bid through a membership with SCA you don't have to have a dealers license according to them, so anyone can bid. With the limited amount of time to try and look at it and with so much unknown I am more inclined to pass, especially if it starts to approach the $8-10k mark. It just wouldn't be worth it as it approaches that price.