I didn't even look at the price before, but I agree with John that a better deal should be able to be found. Price and availability vary depending on where you live. What area of the country do you live in? Try other sites like craigslist. I have found most of my Shopsmith tools there.
There are things that will have to be replaced during its restoration. The Headstock Pulley has a chip out of it. Hopefully the replacement Spindle/Quill Assembly is okay. I have had a bent Spindle on one of my restorations. It may need new bearings. There are items needed to use just the basic functions for this Model 10ER that are not shown in the pictures like the Arbor, Drill Chuck, Sanding Disk and Lathe Drive. The less complete it is the more it will add to the overall cost.
That price is more than I sell a restored Model 10E or 10ER complete with everything as it came from the factory plus on a bench. I don't sell my restorations to make money but do like to recover the costs. I do it because I enjoy working on these tools. Unless there are items included that are not shown I personally would not buy that Model 10ER as a restoration project. Additionally, I wouldn't pay anywhere near the asking price.
Below is a comparable Model 10ER I restored to the one you are looking at. It includes all the accessories it came with originally plus a Speed Changer, Jig Saw, Jointer-Shaper Fence & Jointer Cutter Head, Drum Sander and Lathe Chisels. These extras all add to the value of this Shopsmith.
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