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@Knucklehead
Make sure its not a suicide hub. If it is a road hub running a freewheel get him to through in the free wheel fitting tool (if you still want the bike). I think its ok for 300 if its got a proper track hub on the rear, reasonably good tires/chain and all the bearings are in good order. If any of these things are off I'd ask for 20 off the price for each fault.