I am a bike junkie from Waaaay back. Just now getting back into the obsession......looking at a used Cannondale.

It's an F700...any opinions as to whether this would be a decent candidate for a custom, street, hybrid treatment and what would be a good price?
Asking is $500. it looks clean from the pics...but that's Craigslist...
I would love to give this a fixed fork and a satin black paint job (ala cannondale bad boy?) and some skinnier street type tires...
what do you all think?