itsMEnara

hi all, first post here. I apologize if i'm in the wrong forum, there are so many subforums...
anyhow i'm interested in getting into the road bike world and happen to come upon this CL ad, and wanted some of your input.
https://pullman.craigslist.org/bik/2295788055.html

First, is it worth the current price? how much would replacing the tires and wheels cost? I'm aware that there are crazy expensive wheels out there, what would the standard run of the mill replacement tires/wheels cost? The University has a bike shop here and I would love to be able to work on the bike myself. I'm in the process of arranging a meeting to check out the bike.
Should I be looking for anything specifically?
I'm not sure its ridable so how can I check that the gearing and shifting works?
How much rust is a problem?
Would this be an ok platform to possibly upgrade later?

I have been thinking about getting a road bike for over 3 years now, so I appreciate any help you all can offer.