Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - Help in a hurry on a Trek 5200

Hey guys I just came across this Trek 5200 for $500. He said he paid $2,600 like 6 years ago. He said its got full Shimano 600 components but its only got a double chainring?! WTF is up with that? It looks like a late 90's bike to me. Could I sell it for more right off the bat? If I could make another $500 I would buy it but I do not know a lot about these bikes. I dont want a good deal to slip out of my hands if I can help it. Please post as soon as possible!!

http://salem.craigslist.org/bik/1184657915.html

The '97 Trek 5200 had a sugg. retail price of $2200. That bike looks like a 1992. $500 is a decent price if the frame is in good shape and the components are OK. He's obviously changed the saddle and stem to something more senior citizen-friendly.
I'd personally be very hesitant to buy an older OCLV bike without looking over the frame closely for cracks/damage first. I'd make sure the brifters hadn't been more than cosmetically damaged as well.

Wow 92? I thought it looked like a 97...so in other words, it would not be a good candidate for a flip than eh?

Those are old-style decals. Earlier than a '97. It's hard to tell from a small grainy photo but the 2-tone rear derailleur makes me think it's a '92 or '93.

Like this: http://www.kichline.com/chuck/bikes/t5200.jpg

OK well I guess I wont take a loan from my dad then lol. If it was like 300, I would probably snag it for sure!! He is firm on his price though. It there any way I could make him budge you guys think?