Craigslist bike - deal or no deal?

Found this bike on craigslist... wanna know if it's worth the price, any help is appreciated. Thanks!

http://annarbor.craigslist.org/bik/648130038.html

Have you taken it for a test ride?

It's not a great deal. I'd probably go about $75 max on this bike.

It's pretty old. Ten speed bikes went out of vogue in the mid-80s. I used to build bikes for a shop in '83-'84 and we used to sell twelve speed models for about $150-$200. The components are pretty low-grade.

I'm guessing the tires are stock and will probably need to be replaced.