The King of Town
Join Date: Mar 2004
Location: Richmond, VA
Bikes: Haro Backtrail 20" (MISSING), Fuji Berkeley fixie, Huffy cruisercommuterdeathmobile
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Yeah, I would say it depends on the quality of the components, what kind of shape it's in, etc. It would be a great price for a complete, ready-to-go old road bike (one that shifts right, good brakes, rims trued, rides well).
However, since you're looking to fix it, you could probably do a little better if you're willing to wait and scrounge. The extra money would buy you a couple cheap-ish tires or some bar tape.