I would think it depends on what your plans are for it. If you want to keep it, I would say that as long as you pick it up at a reasonable price, then once it is fixed up you would have yourself a nice little bike. If you just want it to "practice", then sell and you aren't worry about profit, I would think it may be worth it, maybe not depending on locale. If you are thinking this is a good flip - I hope he gives it to you and you have some of the parts needed already.