I would say the frame alone is worth two to three times what you were offered. The rest of the bike is a mish-mash of stuff so that doesn't add a ton of value, and we'd need to see better pictures to be more precise. But the bike is worth at least $300-$400 and probably somewhat more.
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1964 JRJ (Bob Jackson), 1973 Wes Mason, 1974 Raleigh Gran Sport, 1986 Schwinn High Sierra, 2000ish Colian (Colin Laing), 2011 Dick Chafe, 2013 Velo Orange Pass Hunter