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I did this as a student. It was possible to start to learn about what the market demands. For example, an old out of service Raleigh Shopper/Twenty can be had for £20 on eBay. You can buy those and rebuild them, buying basic components to replace the busted parts and sell on for £100. Overall I made £20-£40 profit when I counted things like travel, cost of parts and consumables. Some might say a part time job pays better.
What's the general consensus on buying-tidying-selling bikes as a way of supplementing a salary and cutting down office hours? @Dogtemple mentioned it previously and i had a brief chat with @littleK a while back about this, keen to find out what experiences people have had with this.
I don't earn a high salary so i wouldn't need to make much to make it work but as i'm someone that isn't very good at switching off i'd be concerned that mentally it could be a bit much (thinking about builds, listings, checking pm's etc).