The bike needs a lot of work.
I would consider it a parts bike purchase, especially since you can't run it, and thats what I would tell the seller.
Its a pig and a poke. Who knows problems are ahead.
The seller has no desire to keep it stored or work on it.
I would offer $150 then $200. I'm sure he will jump on it.
But if he doesn't accept the offer simply ask whats his lowest price to remove it, today.
Your still in negotiation mode on this.
I have three 80's CB650's in a little better condition. Pd $100 to $350
I just sold a 1983 Honda Nighthawk 650 for $590 you could drive home.
Look here ---
http://i203.photobucket.com/albums/aa78/pelermon/Nighthawk/1983Nighthawk6.jpgI'm not sure if that link worked, cause I deleted it after it sold.
I'm just saying, that's not the only deal out there.
I am more interested in 350 - 550 though.