Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - So this guy has offered me a 3Rensho road bike

and I think his asking price is way out of line but I know next to nothing about what it might be worth. I don't think it's got any super special cachet or provenance and there's some reasonably ugly top tube cancer around the braze-ons from being used heavily on a trainer. He's asking $1,000 for just the frame and fork and I'd sure like to hear from more experienced folks on whether he's got his head in the darkness or my ignorance is evident. If it was in immaculate condition would it even be worth that much?

Just today, saw one from a CL ad reposted on the CR list for $275 (San Diego?), another 3Resho built Specialized (Louisville?) for $250. Just sayin'

and I think his asking price is way out of line but I know next to nothing about what it might be worth. I don't think it's got any super special cachet or provenance and there's some reasonably ugly top tube cancer around the braze-ons from being used heavily on a trainer. He's asking $1,000 for just the frame and fork and I'd sure like to hear from more experienced folks on whether he's got his head in the darkness or my ignorance is evident. If it was in immaculate condition would it even be worth that much?
$1,000 is a lot for a frame/fork regardless of who made it. $3-400 would be more reasonable.

If it were NOS and had never seen a component. Maybe. Maybe on the coast, but not in Lincoln, NE (that is where I am assuming the frame is located) and not with cancer. 3Renshos do pull a premium, but not in that condition.

In what may be a similar situation, I paid $150 for a frame/fork a couple of years ago. It was offered by a friend on eBay and it had taken a mild front hit. I actually bid on it thinking it might get him more money. I won it, much to my surprise. You would be looking at at least $350 to refinish, and that does not include removing the cancer. I have yet to fix the frame and it rides quite nicely.

he's smokin' something: a perfect San Rensho TRACK frame and fork might get him that much in the "right" overheated market, but not a road frame with a compromised finish.
Just as an aside: when I ride my ROAD multi-geared San Rensho I've become accustomed to this phenom where a fixie-ista will get close enough to see the decals and swoop in to admire it, then get this look of disgust when he gets in range to notice the multiple gears and road dropouts :).
I'd be afraid to sell one in this market for fear it would get "drewed" in a hot NY minute...and when the fad dies they will go back to being valued for what they are (which is considerable) not for their vapid brand-appeal.