Thanks to everyone who posted a response, the comments were very sound and helped me negotiate the price. The seller was a little surprized when I told him the going price for the bike and what my offer was.
Well, I bought it!
Its a Dave Scott Ironman, not an Ironman Expert. The serial number is N6H5222. Overall condition is good, very little rust, but not great. The tubing is Tange 1, double butted, seamless. It has all Shimano 600 components with 12 speed index shifters. I need to replace the saddle and the bar tape, but that's to be expected. It's in running condition as the previous owner had it mounted in a trainer and was using it right up until I purchased it. Tires are only fair condition.
I paid $160 but that price included a fully operational Manoura, MagTrainer. I'm estimating the trainer could be flipped for $30 or $40. But I plan on keeping the trainer. So I guess you could say I paid around $125.
Sorry about the pics, but I won't be able to take sunshine pics until Saturday.
Thanks agian for all the support.