The Norco is definitely a better bike. Chromed fork and stays with forged dropouts, cotterless crank are all clues, but I can't make out the components. Norco was Canadian?

That's a small frame size - does it fit you?

If the tires, chain, brake pads are good and it rides well with no grinds and squeaks, plus make sure that you can move and adjust both the seat post and stem, then $150 is probably a reasonable price. Price is also a function of where you live. CA - that's a good price, elsewhere - could be too high. Try to knock off some money for any worn replaceables - tires, chain, pads.

Good luck, and if you buy it, post pics in C&V. They may give you some good info.