Unless it includes a good bit of extras like chucks, turning tools, etc. and is in really good conditon, I would pass on it or make a low-ball offer like $50 or so.
You can buy a brand new one at Harbor Freight any time for $200 and with a 20% off coupon, you can get it for $160.
The lathe is a good starter lathe though. I have the exact same lathe, but in a different color from Rockler and it has served me well for the past 3 years. I've recently stepped up to a full-size lathe, but I still use the mini for some small projects.