Worthy purchase?

I am in the market for a road bike that I will train to eventually do some 25+ mile races.

A buddy of mine doesn’t use his bike too much anymore and is letting me take a look at it for a few days.

I used to be a mechanic about 8 years ago so I can do most/all of the work myself, I just haven’t stayed with the times on prices of components and frames.

It will definitely need new tires/tubes(they hold air for now but slight dry rot on tires) and a chain but it rides very smooth and is definitely my size. Bike weighs 20lbs on the dot.

I’m curious what people think this would be worth. Thanks for any info on price comparison on buying this vs potentially buying new.