I have the 15x48 version of that lathe and it is pretty decent. If you check it out, inspect the half nut, which is literally just half of a nut to engage the lead screw for thread cutting. It is not both halves like most other lathes so it is a weak point since the single half tends to push off the leadscrew. Most of them are not in good shape or like mine is completely missing. They can and have been made by owners but it is a left hand acme thread, so you really need to have a working lathe to make one.
Other than that, just do the normal lathe inspection stuff. It is a gear head with Gamet brand headstock bearings that are very expensive, so if it is very noisy and you can pinpoint it to be the bearings take that in to account. Make sure and run the correct oil in the headstock and gearbox.
I have seen many other lower quality lathes have a much higher asking price without any extras. Price a couple chucks and see what they go for.
Oh, It is an L series spindle, see if they have the spindle wrench to take the chuck off. It will be a very large spanner wrench.