It would be okay, if it were new. You should be about 6' tall for that size frame. I spent $400 on a new mountain bike earlier this year. For that price this is what a got:

New Old Stock 2001 never built Barracuda Cuda Comp

SPECS
Frame: Cuda Special Slalom Easton Elan Aluminum
Fork: Rock Shox Judy DH
Headset: Dia-Compe 1 1/8" Alloy/Steel
Derailleurs: Shimano Deore XT
Shifters: SRAM GripShift SRT800 X-Ray
Cogset: 8 speed Shimano XT
Crankset: White Industries Cold Forged Alloy
Brakes: Red Magura HS-22 RaceLine DH Hydraulic
Tires: 26x2.0 Black Hutchinson Coyote
Rims: Weinmann Altrax XLT
Handlebar: Profile Maniac DH w/Brace
Stem: Kore
Saddle: Selle San Marco Techno Dynamica
Seat post: Cuda Alloy Micro-Adjust