That's a fair price for a CM with fresh bearings. I paid $25 for a much rougher 1/3 HP Model 115.7566, in the fall of 2009.
From the pictures, it looks like it never had the wheel guard covers (no sign of tapped mounting holes).
It will need stones/wheels, arbor spacers, and grinding/wire wheel flanges.
BTW - these (Models w/ 115. prefixes) pre-date the Block grinders. "The "Block Motor" grinder can be readily identified by the Sears manufacturer prefix of 397 or 257 (as in 397.XXXXX); which is stamped on the front label. Popular models include 1/4HP, 1/3HP, 1/2HP, 3/4HP, and 1.0HP Industrial units."
http://tinyurl.com/CM-Block-motor-style-grinders
Nice find, hope someone here picks it up.
