See if you can bargain him down for the flat tire, and the drivetrain components are entry level.
Looks like Campy Triomphe?
The crank is a Shimano OEM Biopace model...either Exage or 400. I have one of those in my parts bin.
The rims are nice heat-treated Ambrosio clinchers.
Frame looks very clean.
If the hubs are a bit rough try to use that as a bargaining tool.
Otherwise, looks like a buy.

I'd pay $250 for it. But that's me.