$150 is about right. It is a solid, mid level bike from the '80s. Looks in good condition.
Why are you fixing it up for her and then hoping to buy it? Why aren't you buying it as is and then fixing it up for yourself? Doesn't make sense to me.
I'm not fixing it up for her. It basically just needs pedals and new cables, and I'm a nub when it comes to any sort of bike repair, so I want her to show me how to do it.