Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - 1985 Trek 300, experience anyone?

I've been looking around craigslist for a while and this seems to be just what I'm looking for: a steel frame geared somewhat towards touring.
http://seattle.craigslist.org/est/bik/2030307857.html
Basically I'm looking to see if anyone here has had expericnce with this bike, would be able to tell me anything more about and if its worth the price.

I do not have personal experience with treks (other than selling and servicing a few in the early '90s) but it seems like a good deal if it fits. it looks a bit taller than 60cm and those cranks are pretty long too.

http://images.craigslist.org/3m63p63o15O05Z35T4aas6bdb8e80d6ae1234.jpg

I it looks a bit taller than 60cm and those cranks are pretty long too.

+1. Looks like a 25 or 25 1/2" which would make sense if it has a 24" top tube. I have flipped a few Treks that size and as usual they don't sell for as much as a smaller frame but if it fits you it's the right price for my neck of the woods. Newer crank and brakes is nice.
On the 175mm cranks. I am 6'1" and run 175's on 2 bikes and 172.5mm on the other one. They work fine for me.

All steel Trek road bikes are desirable and generally bring top dollar because they all seem to have a great ride. That's a tall frame which is harder to sell than a small frame. I don't have a model 300, but I do have a TruTemper framed 400 and I've had a 330 in the past. I've only taken a few rides on each of them, but they live up to their reputation of a really nice ride.
At least some of the components were replaced. If you are looking for an original bike, that takes away from the value. If you're looking for superior braking, the dual pivot brakes are a good upgrade. I'm not so sure about the FSA crank being much of an upgrade. If you look at catalogs at vintage-trek.com you may be able to see what that bike should have had when it was new and decide for yourself if the changes are value added. IMHO the $250 price is top dollar, but not unreasonable.

+1 for True Temper. I have had several Treks with it and like it a lot. I am a Trek fan as well.

The price on this one depends entirely on how your customer feels about the mods, such as the FSA crank, Bontrager graphics and 7spd Cassette hub, not to mention the shimano indexing.
( Personally I consider all of these things as big downgrades from the OEM issue, but I may well be alone it that. )

Unmodified - (and in good condition) - it would certainly bring 250 around here. Possibly more.