Vintage road frames turned into single speeds with cheap, modern and sometimes hideous or non matching wheels and components are common here in Portland. $150 would be neither a good deal nor crazy overpriced. $100 would start to be a good deal. You're basically getting a frame and wheels. Figure the frame $30-40, the wheels $20 each, then the other bits at $5-10 each plus tires. That what it would cost to put that bike together from the bike co-op parts bin.
Not sure from the blurry pic but looks like a early 1980s Motobecane. The brakes, maybe the seatpost and bottom bracket, are possibly original. Nothing else is. The bike may have a Swiss thread bottom bracket, there are inexpensive (like $40 ish) new replacements, but running across a used one is unlikely.
Remember it is a single speed. A lot less versatile than the derailleur bike it used to be. What do you plan to use it for? I wouldnt actually call it a road bike.
It won't be fun on hills and you'll be walking on any semi-serious climbs. You won't be keeping up with group road bike rides. The straight handlebars will be tiring on long rides. Basically this is a cheap bike for tooling around a flat, small city and not worrying much about theft.
Last edited by jyl; 08-12-12 at 11:21 AM.