That's one of my lathes. The non-working one right now. When I got it (used) a number of years ago, I paid $500. It served me well until the Reeves drive started to bind up. Made changing speeds tougher and tougher. Then I managed to break one of the cast zinc (!) pulleys while I was "fixing" it. Finally got a replacement and reassembled it but another part of the Reeves drive is bad now.
Bottom line - DELTA DOESN'T MAKE PARTS FOR THIS ONE ANYMORE. If it's working and changing speeds is easy, I'd go fo it. $150, absolute top at $250. The pic looks like it hasn't been used too much. If that's the case, it might be ok. You can take the back cover off pretty easy (4 Phillips screws). If there are any broken or cracked pulleys or if it's hard to change speeds (only while it's running) then run away.