Yes. If you do it right, you can make a small profit.
My dad and I do this all the time.
Buy it, clean it up, do a complete tune-up, and then sell it for a profit. (Just make sure there is no frame damage and all that wonderful jazz.)

On here it might be hard to find a buyer, but your best bet is to find someone that needs a first car. (And then they can join the Squad. Its a win-win for everyone.)