Recently bought car problems

So I just purchased a 2nd car, as a project/learning car so I can actually learn how to work on a car. It's a 1992 Honda Civic Hatchback, but I discovered today when my mechanic grandpa visited, that it has rod knock. I bought the car for $1600, should I just try to sell it for $800ish and just get rid of it, or is it worth putting money into? I've always wanted to build an eg hatch, but I don't want to have to drop a ton of money into it, what are your guys' thoughts? via /r/cars http://ift.tt/2sVOAUh