I spent between 10,000 and 12,000 hours running engine lathes and turret lathes before and during college.
If you don't feel you have enough experience to meaningfully evaluate this machine do you know someone qualified who could look at it and give a knowledgeable opinion? Don't be swayed by a slick looking clean up and paint job! A Krylon rebuild might look good but it won't make up for a dip in the ways a few inches in front of the chuck, which is a very common condition on an older machine, or for excessive spindle runout. Badly worn ways can cause problems as can worn out spindle bearings, etc so all that must be considered. The things you need to consider are, what is the REALISTIC price once you get the lathe tooled up with the necessary tooling, remember a lathe without tooling is a lot like a gun without ammo! Next, are any accessories included such as 3 and 4 jaw chucks, a face plate, what about thread gearing? Then there is wear to consider on what is obviously an older machine, while it could indeed be nearly new it could also easily have serious wear issues. Then you really should compare that lathe to other machines in your price and work space range, there are better machines out there than that Craftsman which was an economy built machine and is a bit on the lightweight side and not noted for being really sturdy. You need to check around and compare prices but again any lathe you find is likely to vary greatly with what's included in the deal, you need to be aware that tooling can easily equal or even exceed the cost of the lathe if it doesn't include extras. Advice about whether or not to buy that lathe depends a great deal on price, condition and included tools and accessories!!!!