If it’s been screwed with enough or Bubba’d, then yes a 1911 can be worth only a few hundred.
Oh sure. Like you've seen even the worst Colt 1911 or 1911A1 for less than $900 lately!
Love running into people like you at gunshows - I found a supposedly "butchered" 1911A1 on a guy's table for $400. It had adjustable sights installed and clearly mismatched frame and slide and the front of the frame was stippled with a punch - but it was quite recognizably an Army Marksmanship Unit (AMU) .45 for 50 yard competition and I got a real bargain.
Lemme know if you're selling any .45s for "a few hundred dollars"! I'll be right over.