Before we can tell you that, you need to tell us what your goal is with the car. Are you planning on driving it as it is now until it falls apart? if so then 5500 is a good price. If your end goal is a solid running car with great appearance I think this may the wrong path to take. How much would it cost to bring let's say a California car to Hawaii? I understand that you probably can't shop around for one so far away as easy, I know for me living in Boston it 2 years to finally find one.
I good paint job will cost you 4K at the minimum, with salvage title the chances of other things gone bad are high too so you already at a 10K mark.