if he is close I would go and atleast look. there are no wheels so I don't imagine people are clammoring over it. but for $80 you atleast get a steel frame, a nice looking triple crank (halfstep even) a set of cantilever brakes, a F & R derailluers and a bar and stem.
you can always haggle. show up with $50. tell him it is not quite what your looking for and say you'll give him $50. unless he has other people interested he will likely take it.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk