I've got a similar Honda, a PA-50, which is a 49cc bike. Mine's a 1982, and I purchased it this past spring for similar money with less than 100 miles on it. It may have still had the original 1982 spec gasoline in it as well. I changed the sparkplug, added air to the tires and it runs like a champ.
It's just the thing for running around the paddock on track weekends. I put a little basket on the front to carry the stop watch, clipboard, and pressure gauge as well as a couple of bottles of water. It fits nicely in the van, so I've had no urge to create a mount on the trailer for it.
At that price, if you don't want it and if it wasn't so far away from NJ I'd take it!