Found a Old interarms bolt action locally for $200 its pretty rusty and beat up. It does however have a leopold scope on it that seems pretty clear but beat up also. Not sure what model but its a 3.5-10 and III something.

What does the bore look like?  Which model and where was the rifle made?  I had an 'older' Interarms Mark X in 30-06 and that was one of the best shooting rifle I have owned.

I think it might be a Mark X, Made in Va. Also I don't own anything larger than my AR so this would get me into a larger caliber pretty cheap.

If it does not bother you to have an ugly gun, then yes, get it.  But if you are planning to send it out for Cerrocoat or something silly than no, its a money pit.  If the bore has rust in it than no.

I understand not putting much money into it but would cold blue and a refinishing the stock be a waste?

I like projects like that, but as stated if the bore is clean..  Is it surface rust or pitted badly?  I feel good restoring good older guns.. Like saving history.. I have a couple extremely old Ithaca model 37 LWs I will send out someday to have restored as there is no blueing left but not pitted.

Have you priced 25-06 ammo? Do you reload?

if the scope is a VXIII 3.5-10 in working condition it's worth the $200 all by itself.

Project guns are just that, projects.  Some are fun and they all cost some money.  If the bore is good, then I would get it.  Several years ago I got a 'project' 338 WM in a model 70, had a good coating put on the metal parts, new stock, good glass and working on a good load.  That just goes along with the gun hobby that we all have.

That Mark X is a commercial copy of a Mauser 98. Great reliable bolt action in my book, every part of it is milled steel. As long as any damage is cosmetic in nature, it would be a decent rifle. If the rust is more than that, or the bore is not in good shape, then the rifle would be more trouble than it is worth.

I still think these are fine rifles, but if it needs a new barrel (which a gunsmith could change to 30-06 easily enough), then in my area I would keep looking. These older rifles are floating around gun shows and shops, and now and then I see ones in very good condition in the 400 to 500 range. If its below 400 and very good shape, I'd buy one. But unless you want it as working rifle, as-is, doing work on a rifle adds up fast.

My best find in recent years was $550 for a pristine FN Mauser commercial rifle from the 50's, with a $300 nikon scope on it. Super metal work and bluing, and very nice wood, except that it has a very thick glossy finish on the stock, the style back then I guess, but too "showy" looking for me.

I'd buy it. The scope alone is worth the price (and Leupold's service is second to none if there is anything wrong with it). .25-06 doesn't do much for me but clean it up, as long as the bore is fine, and it's a good truck beater/loaner/trade bait.

I'm a sucker for a project gun that needs saving

I agree, but without pictures it is hard to evaluate and get excited by it.

I would take a gamble on it for $200.  If the action is serviceable, I think you'd be money ahead.

Buy it, pull the scope. Clean it up as much as you can and sell the rifle.

Profit

Buy it. If the barrel is shot, you still have a great scope and action.

This - sounds like a VX3 3.5-10X it's worth just for the scope.



 

I had the same gun. It was a tackdriver. If the bore looks good I would buy it for $200

Leupold made the Vari-X III, VX-III and then the VX3 (newest).   From the sound of things, it's probably a Vari-X III.   If it isn't beat up too badly, it's probably worth $200.