It would get chewed up and spit into a storm drain by the SSFG crew.
I'd pay $10 for the saddle, to give it a try.
I agree but it's relatively inexpensive to add brakes. Which is a minimum requirement in my opinion.
Honestly, for short distances and commuting to classes and close about town, just about any bike in good condition will do. Personally I wouldn't worry that much about the resale value because in that environment you can't count on it. I would think along these lines, is the transportation that the bike will provide for the duration worth $300?
Others will advise differently but I'd be reluctant to shell out $300 for a used single-speed for campus commuting. I'd look for a decent hard-tail on craigslist or on-campus sale.