I would say that it's worth the money. Comes with cranks and he just scraped off the red paint leaving the orig paint albeit in poor condition. It's really up to you on the price but it doesn't seem like a bad deal. It would also be worth a powder coat for an indestructable finish.
__________________
I'm not one for fawning over bicycles, but I do believe that our bikes communicate with us, and what this bike is saying is, "You're an idiot." BikeSnobNYC