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well, $500 is a steal, but the amount of work that needs to be done to it is going to be a pain...unless you like getting into the nitty gritty, which it sounds like you do. It would be a great fixer upper to fix and sell, cause 900 is too big for a "noob" aka beginner rider. Problem is its 94 and when its all send and done, you will get around $2800-3000 for it.
If you want to ride, I suggest finding a Honda F2 or F3 or maybe an SV650 because you will grow out of a Ninja 500R or Suzuki GS500 by the end of the summer.
My .02!
I do have a nice D&D that you could custom fit to that 9R though ;)...
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Carpe Diem
2001 ZX-6R ( FOR SALE)
2001 ZX-9R
2003 Aprilia MilleR 
Ride hard, fast, and safe...
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