I'm partial to Treks. Heck, I own three Trek road and three Trek Mountain bikes right now. I flipped a 60cm 1991ish Trek 1200 a couple of months ago for $150. It was too big for me. I drove over two hours to go see it after the Seller measured it and told me it was a 54cm.

So I'm familiar with the Trek 1200. The bike for sale is a well ridden/worn bike that needs a lsome detailing to be worth $300. Yes, it's at least $100-$150 too high.

Old miss-matched tires on a $300 bike 25 year old bike? Give me a break, for $300, the bike should be ready to ride, without any issues.

It appears to have the original Trek Matrix wheels (Not Mavic Matrix wheels), and they are very worn, The rear wheel may be worn-out from the amount of wear on the brake tracks, I would have to inspect the bike in person to determine whether the wheels are usable. What would a new pair of wheels cost? Between $150-$3000? Of course a used pair of wheels off CraigsList would be a more practical answer, but you're still looking at $80-$100 for a decent set of wheels unless you get real lucky (I've been patient and have gotten wheelsets for between $10 and $50).

And that blue handlebar tape. Really? Another sure sign of a Flipper bike. Conduct business with Flipper's who lie outright to sell bikes with a pound of caution.