For that price it will likely be a piece of scrap, many times I have seen lathes like that in some guys basement and all your doing is removing scrap metal for him and paying for it.
Watch for worn ways and headstock bearings shot with no accessories and no power feed box or a power feed with no gear train. Limited usefulness if those are the conditions its in, we would use lathes like that as polishers in a machine shop.
Can you post pictures?
For example I sold my 2HP-12"X36" Atlas/Clausing lathe on E-Bay for over $4000 to a guy in Hawaii who paid $2800 to have it shipped there from Canada (I couldn't believe it!), a good lathe in that size range with a lot of accessories is worth quite a bit of money if its in good condition. I had a huge assortment of attachments that went with it which raised its value substantially. Southbends are a dime a dozen unless it is a desirable late model unit in excellent condition with a quickchange feedbox or a Clausing toolroom version lathe which are rare (I know of a couple sitting around).
I bought the lathe for $1300 from an old employer who was going to get that for trade-in and I collected accessory attachements over the years, needless to say it was a good investment since I didn't do anything but use it.
“She may not look like much, but she's got it where it counts, kid. I've made a lot of special modifications myself.”
— Han Solo
Last edited by 4 Jaw Chuck; 03-26-2010 at 10:21 AM.