It may be a great bargin, or your worst night mare.
If you are comfortable with maintaining and repairing a bicycle, it could be a great bargin. If you have to pay someone to do the work - it could be a huge drain (like any used bike or automobile), with the purchase price being insignificant compared to the investment to keep the machine safely ride worthy.
Personally, if it fits you; I would buy it; but then I also purchase old bike frames to rebuild (my SR, 310 and GT) and extensively modify others (World Tourist and T50).
If you are not prepared to do the repair and maintence yourself; you will spend lost money overall by getting a bike from a reputable shop that will set it up and fit it to you and your wife.