The subject bicycle is a circa 1987 model. As such, the frame should be Tange Inifinity with hi-tensile stays and forks. The components are mixture of Shimano Light Action and Z-series components with a Sugino VP crankset. It is an indexed 12 speed, entry level model. Original price was $320 US. It has replacement tires and tubes. Why the seller installed tubes intended for deep-V rims is beyond me. Those valve stems are looooooooooong!

The immediate impression is of very good condition, however it may not be so, There is a large chip in the down tube, just forward of the shifters, likely from the brake's barrel adjuster slamming into the frame. While paying attention to this area I also noticed what appears to be a thin white line running over the top of the tube. This could be a crack in the paint and, if so, is usually indicative of a crash resulting in bent top and down tubes. Often, it's very to determine crash damage in photos but the tire does appear a bit too close to the down tube and the center line of the fork does appear to be set back relative to the steering column. However, these may be camera illusions due to focal distance, camera angle, etc. and needs to be assessed in person.

I imagine Chicago is a very high priced market. Add in the fact that it is a very small frame, for which sellers usually ask a premium, and overall the price is on the high side but probably fair (assuming it hasn't been crashed). What you have working in your favour is the time of year. The seller may not want to tie his money up over the winter and may be willing to accept offers. I'd be trying for $200-$225, assuming there's no signs of crash damage.