Depends on what you mean by "a steal." It's probably quite heavy and has dated components (stem shifters, 7-speed cassette (freewheel?), etc. Likely you would want a bike shop to set it up and adjust everything unless you can do this yourself. You also won't know if it fits you very well until it shows up at your house.

I'd avoid it. It would probably get you around the neighborhood, but asking much more than that of it would probably be kind of uncomfortable.

Cheers.