I'm going to buy another bike because the older one I bought off craigslist about 3 weeks back failed me.

Very tight budget, in chicago and I've been looking and contacting
http://chicago.craigslist.org/chc/bik/3375939128.html

Do you guys think it's a good deal? What should I look out for when I'm there inspecting the bike?
I'm going to see him tomorrow but I won't be able to check this forum tomorrow, please help