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So I found a 2002 boxster with around 100k miles. It is in my favorite color. The car is being offered for around 11k, so I am wondering if it would be worth it to buy it assuming the PPI checks out and all the issues (RMS) etc have been taken care. If it did check out, I would put another 5k or so making sure it's perfect, maybe add a new top, etc. I guess what I am saying is should I buy a car solely based on color if the mechanically issues check out. It is also 2000 miles away which makes it hard for me to check out in person.
I think you should keep looking. boxsters are pretty plentiful and it doesn't look like you are in a locale where they would be hard to find with some patience. personally, I would increase the budget and look for a car w/lower mileage and a good service history. my '02 box w/90k lacked a good service history and I have several thousand into it, even though I've done most of the labor myself. in retrospect, I probably should have gone w/the advise I'm giving you now.
the color is blue turquoise which I know makes the odd's of finding one very slim. I would much prefer an S as well, but I love this color so much I wonder if it would be worth it in the long run. Of course, assuming it was mechanically sound.
You may have a point on the rarity of the color. Whatever floats your boat.
Is the car owned by an individual or a dealer?
Who's going to do your PPI?
If the PPI checks out, have you thought about having the car looked at by a knowledgeable member on this forum? (I'm not offering.) Personally, I wouldn't buy any car sight unseen, but someone else's objective, educated eyes will likely be a lot better than relying solely on a PPI.
If that specific color is a "deal-breaker" then it _might_ be worth trying to make a long distance deal happen. But if you would be...95%?...as happy with another color, then I would keep looking. The remote costs plus the $5K repair budget you have would get you an "S" or a 2003 - both of which would be significant upgrades over the car you are considering.
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