If you know the person then maybe he'll give you some time to think about it. With that I'd start looking into parts availability. You said it needs a front wheel and I can see in the photo that it had the aluminum spoke wheels, which are hard to find in good shape. Other than the front wheel it looks to be mostly there in the photos.
I your buying it to build a collection it's a great find and buy. If your looking to make a buck then pass and let someone buy it that collects them. Maybe a forum member.
