good - the rear hub is a freewheel hub so you could easily spin on a bmx freewheel/respace/redish.
good - 3 piece cranks
bad - $125 is a bit much, but if you can do the conversion for cheap, you're fine
bad - looks like its been sitting outside so some components might be shot. make sure the bb/headset work fine and the hubs are in decent shape. if not, your budget will be ****ed.

would be a fun project!