I think $150 is a good deal. In fact that is what I paid for my 1985 420. I'm not sure where you live, but any steel Trek is a good find...assuming all the parts are there. The bike is not a lightweight, but it definitely does not weight 26 lbs. Mine comes in at just about 24 lbs without the rear rack.

This is what it looks like put together. (Sorry for the flash)