I don't know what market you are in, but in Ohio you can find bikes in clean, ride ready condition for $125.00. From that picture that bike looks like it will need about 40-70 dollars of overhauling on top of the price. I like old Raleighs, but the record was not special enough to fetch that price Here is some infor on it. http://sheldonbrown.com/retroraleighs/record.html. Also, I have no experience with Huret Alvit components but I haven't read anything good about them.

I spent too much on an old bike before I realized just how many good ones are out there, Take Kurt's advice and keep looking.