I wouldn't bother. If you want a fixed/ss bike for 3 bills, then do some looking around for at least a Cro Moly frame. Who ever this person is selling the bike is trying to make a buck. Those bikes are bottom of the barrel raleighs. The frame decreases the value of any components put on it.

Just for a price reference, I bought a top of the line raleigh from the 70's a while back for about 400 bucks in complete original working condition.

don't get ripped off my friend.

your doing the right thing by asking.