I realized a long time ago that TO THE SELLER all Model As are actually 32's. Every fast back Mustang was a Mach I (or better), every SBC is a 4-bolt mains (but no, you cant drop the oil pan to check)...the list goes on. I am sure others can think of MANY more but you get the idea. Whether it is dishonesty or wilful ignorance i don't know but sellers always do a mental 'upgrade' when selling something. I remember looking to buy a 57 Chevy years ago and being told it was a Bel Air. When I explained the numbers didn't indicate that he told me the numbers were likely changed when it was painted and he remembered the original numbers DID indicate a Bel Air....huh?! Regardless, without seeing more detail it is hard to say but it looks like $700 worth to my novice eye.
It has value. Somewhere there's somebody with a hacked up coupster that would love to get their hands on it.
I think that is a reasonable price as others mentioned, if subfloor not bad etc, that could be a great car to start with