Backstory: my wife and I were on the bus en route to our poll station to vote in the European elections a few weeks ago when she pointed out a bass in the window of a resale shop, and suggested we check it out later in the day. After a quick review, the neck was straight, fretwork decent for a used entry-level bass (no excessive fret wear, no sharp edge), the pickup and the electronics in working conditions, and the body OK beyond a few paint chips. The neck has more of a jazz bass profile, but I couldn't complain for the price so I left the store with a p-bass clone for 60 USD The neck was fairly grimey, I probably spent 2 hours cleaning it. I replaced the original pickup and pots with a GZR P set, and the pot knob that was missing. The rosewood looks great! It’s now strung with LaBella Deep Talkin’ Flats (0.052-0.110), I had to file the nut a bit to accommodate the E and A strings. The difference in string tension has increased the neck relief, I have to adjust the truss rod to lower the action but I seem not to have the right Allen wrench (or the truss rod is toast). Worst case scenario it’ll be a bass I can really dig in, or I’ll buy a cheapo replacement neck if I want more of a precision profile and experiment on customization
You nearly spent as much on strings as the bass itself. If you find the right tool and tweak that rod, you've got a great bass for small coin. Congrats and enjoy. (Pro tip: Help the neck by manually putting a slight backbow on it while you turn the rod, just in case the neck is stubborn or the rod has become a little locked in over time. Maybe even loosen the strings a half step first. It will make the process easier and could help you avoid damaging something.)