Size is an important consideration... How tall are you (not that height is the only consideration)? That bike is way too small for me, and I am 6', so the seller's size range is off.

I don't know the prices in that area, but although it could well be very functional and serve your purposes (depending on what those purposes are) it is nothing special.

It looks like a low end department store bike to me. Some of the signs of a cheap bike from that era (not necessarily always the case):

1) Turkey Wings (the "safety" brake levers)
2) Stem shifters.
3) Claw style rear derailleur.
4) Looks like steel rims.
5) 26" tires on a road bike.

Some of these are possibly present on a few decent bikes, but with all 5, I think it is definitely department store quality.