I offered him $50 after he offered to me for $80. If I were to get the bike, I would probably use it on my trainer and to knock around with and just bring it out for fun when company comes over or ride it in really sloppy weather. I'm sure the bike would need a tune up, pedals, and definitely needs a new seat at a minimum.
I'm from a pretty small town with a pretty small cycling community and an even smaller 6' 6" and above population who are into bicycles. His customer base is pretty small I would think.