Still one of the most tried and true way of getting things ranking. If you see most of the sites selling on places such as EmpireFlippers most come with Private Blog networks that have helped keep rankings alive through all google updates.
First you need to a find a domain that already has a nice link profile, you can get them on the cheap when they are expired or expiring. I've been tinkering on expired.io (in version alpha) to help sort expiring domains for this specific task.
Then from there you have two things you can do. The first is is take all the old content from Archive.org, I built ArchiveScraper.net for this specific task, and place it on the site get it back to where it was. Or the second is to just use that domain in the same related niche with new content.
The results vary on the niche so sometimes its worth testing out both. Also note that if you end up restoring a old site and those old links link to deep content you will get those visitors, so it could be used as a alternative lead generation site.
Always remember, avoid footprints.