Don't Buy It
I'm not certain I'd want that bike at all - it's full of unknowns and hassles (including french threading. Do you know what frame size suits you best? What's your final target cost for the complete bike? Can you do all of the cleaning, assembly, adjustment yourself, and do you have the necessary tools?
Unless you have a parts bin, you must also count the costs of all replacements (for example, if you're resourceful and can source these at a coop or on C/L): seatpost = 10, tires/tubes = 25, saddle = 10, front caliper = 10, cable set = 10, derailleur = 15, bar wrap = 5, chain = 10.
Are the bearing surfaces okay? Do you have access to a cotter pin press? Are the brake levers bent?
I'd say that this bike, if perfectly tuned and operating, should sell for in the range of $175 to $200. So, unless you can find the parts for cheap, really cheap, you'll be underwater on this one pretty quickly. I'd pass.
Complete working bikes can be found for under $100 if you're patient. Then you can begin to do the repairs/adjustments to get it working properly. It'll save you frustration and tons of scrounging around. My two cents...