In the shape that it’s in it’s worth scrap, get it put together and cleaned up, runnable and you might get 500 out of it, geared head and relatively small size are a big plus for the home shop crowd, the right buyer might give 1000 for it because of that, key is finding the right buyer which isn’t always easy, it’s a pretty niche market, just think about it, there’s several guys in my neighborhood with wood shops in the garage, a couple mechanics working on their hot rods or motorcycles and I’m the only machinist I know of (with a home shop) that’s a large lathe for most home shop guys, but not too large for a lot of home shops, now if you had a 9 or 10” south bend those bring 1000 bucks all day long and are an easy sell, small enough that nearly any vehicle can take it and light enough to be moved by 2 men with no real rigging to speak of.
You got a good deal I’d say, fix it up and use it, do 1 or 2 jobs on it for some guys in the neighborhood and it’s paid for it’s self!