pardon my ignorance, but I'd like your advice...

A friend is selling his bike, said he'd be okay with $500. The details of the bike, to the best of my recollectionare as follows: '83 Schwinn Paramount frame (powdercoated) with Cinelli bottom bracket, it has a full Miche group on it, black Velocity Deep V rims and Nitto steel njs certified bars..

i wish i had pictures, but aesthetically it looks pretty nice, but I'm not sure what its actually worth.