DRF aka Thrifty Bill
Join Date: Jan 2008
Location: The NC Mountains
Bikes: 86 Katakura Silk, 87 Prologue, 87 Cimarron, 14 frame school custom, 73 Paramount
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The best I could do around here on a bike of that caliber is $100. Since you have hipsters that want it, you can probably do better.
Best way to date a bike like that one is to look up the component codes. You can find that info at the vintage Trek site.
If it has alloy rims, it would be worth a tad more.
Hipsters like the old lugged steel bikes, and tend to overlook shortcomings. In my area, bikes like this one end up becoming SS/FG.