There is nothing wrong will mill/drills. I have a round column Chinese mill drill. It is less then ideal, but I didn't have power or room for anything bigger. I have made tons of good parts on it.
Price is location dependent. I'm not familiar with your area. Around me that is $750 to $1000 all day. At $1500 it wouldn't be worth looking at. You mileage may vary depending on your area. Not being entirely BP hurts value significantly.
I appreciate the comments about the mill drill. A friend of my dad's was selling an Enco mill drill a couple years back. Low hours and he seemed happy enough with it, but I found myself swayed against it given some of the feedback I received at the time. Since we didn't even have a place for it at the time, we passed on it.
I too was thinking under $1,000. Just don't know how far under. I don't know if I can get the guy down that much, but knowing what else is on the market, a bit of patience on my part may be all it takes. I'm not technically ready for it anyway.
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One thing to look at if your serious on that machine look to see if they have retained the provisions to tilt the head. On the original machine there is worm gear just under the motor, mine has a red wire on it in the picture, that provides controlled rotation, and I don't see that on yours. There is a ring on the front of the column that is degree'ed and is part of the head. Right behind that is 3 locking bolts. Check if some of that is intact to allow the head to rotate. Also check the spindle to see if it is an R8 taper or Morse. They came with both.
To me that is a $500-$750 machine, depending is you can find any tooling to have thrown into the deal. Take someone with you who knows what to look for.
lg
no neat sig line
Thank you for the remote inspection.

I'm going to spend some time getting familiar with that model head. I wish I had someone to take along but all the machinists I have known through the years, friends of my parents and grandparents, have passed away. I wonder if
MrPete222 on Youtube has any videos covering that head in detail? His videos gave me the confidence to buy and disassemble the Logan metal lathe we bought last year.