I think, in good condition, it's "worth" between $200 and $500. It's so hard to tell from your skimpy description -- and you did say it was "beat up." The problem is that on a 10-year-old bike you will always be competing with a "garage queen" of similar age that was only ridden a few hundred miles and put away in excellent condition.

It seems to me that you are looking for people on this forum to say it's a great deal, go ahead and buy it. It's not a great deal; it's an OK deal *if* it fits you; *if* it's in good condition; and *if* it's a bike you've always wanted. I don't think any of those things apply in this condition, and at $450 I don't see how you could resell it at a profit.