Looks ok. It may be leaking water, though! Check those seals!
It appears to be a decent steel-framed bike, with decent components. Check the hubs, bottom bracket, and headset for grease and rust, lube the seat post and stem, swap the brake pads for new, lube or replace the cables and housings, and make sure the chain is good (or, replace it, why not?), and it should last a long time, more. The only thing I don't like about it is the brake cables coming in on the "wrong" side. You can fix that when you hang the 105 stuff on it, though.
I hope you got it for a decent price, and it fits you. Nice bike.