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Even with prayer potions you'll probably gain from slayer, they are fairly affordable. From the drops alone you should profit, and OSRS gold if you do not have that then buying Slayer Dart runes in the slayer master for 35 slayer points (you receive 36 for doing two tasks from Kuradel) gets you around ~70k that is decent and may add up to a decent cash if you spend your money on this instead of cancelling or obstructing tasks.

I would recommend around 40 or even more atk, 40 or more str and 33 def or more before meleeing it. Rnging it will get u killed cuz u can't weild a anti drag sheild (unless u use bronze bolts with a reg crossbow), which I truly do not advise. Maging it'll be awful as I read tht it has remarkable magic def. In the stated melee lvls, u wud need a rune scimmy (40atk needed), and complete determined armour (30 def needed), an amulet of str, and a str potion would help. . U also need the anti drag sheild, as without it, elvarg can hit 500 dmg.

Also, receive an entire inventory of lobsters/swordfish. Swordfish is a lot better, but I killed elvarg at about 40-50 battle, using only 3-5 lobbies. This setup is merely for the final boss fight against elvarg the dragon btw. Yet another thing, having 33 magic can save 10k gp (for telegrabing a map piece rather than purchasing it from the goblin). Also keep in mind, u need 33 quest points to even begin this quest. If u want to, feel free to contact me in game (Tarun Dragon) and I'd be happy to help u, and also finance u, if ur not great on cash. When I did this, rune scimmies at which 60k on its own, so that it cost me much more.

Everyone has given you the very best information, except for two things. I believe an amulet of electricity would be much better than power, as it boosts you precision and defence. A short sword will conquer a scimitar against dragons, that are feeble to stab strikes. I wanted to mention that too, though I forgot that he'd need the extra atk at his lvl, and yeah, dragons are rlly feeble to stab (was trying to think of buy RS gold an f2p stab wep, but cudn't lol).