I agree with it being overpriced. The Elite was an entry level middleweight. The frame is hi-tensile steel and all the OEM parts are steel, , so it should still be pretty heavy, despite having shed the derailleur, shifters, freewheel, fenders, chainguard and mattress saddle.
These bicycles and the similar Elan 3 speed turn up quite frequently at garage sales for $25-$50. The question is whether the tune-up and changes are worth $80-$105 to you?
BTW, based on the head tube decal it is circa 1977.