Shogun with Shimano components
 

How is shogun generally?
This is the ad
http://www.ksl.com/index.php?nid=218...cat=409&lpid=6
What would you pay?

Shogun was generally a well made bike. This one looks like a Japanese made one from the 80's. Seems a bit pricey at $200 - maybe 150 would be a bit fairer.

That's almost certainly a Panasonic-made chro-mo frame, either a 4130 chro-mo or Tange Champion 5.
I wouldn't go 200 unless your market is inflated, but it sure is clean.
150 is fair, negotiate on the tire situation. That's on the upper end of Shogun, if it has DT shifting.

Since the ad states its double butted, the frame tubing might be better than Champion 5 which was plain gauge tubing. The Shimano Golden Arrow components suggest a mid-80s bike. The frame itself looks to be a higher model with double water bottle mounts and a pump peg. If the bike is the right size, its worth checking it out in person.

fwiw, a Shogun 600 with Arabesque parts sold at a recent bike swap for $200 with another bike. The seller was originally offering $180, and the bike was in pristine condition.