Not a bad deal I would say. You will need to deal with the 3 phase but that should not be a show stopper. Replacing the arbor bearings is a snap on that saw, just make sure to take some pictures of the setup on the arbor and make some measurements on the blade distance to the miter slot before you remove the table top. The only other bearings in the saw are the motor and those too are relatively easy to change out and not too expensive.
What year make is the saw? You can tell from the s/n. The color, if it is original, suggests a 70's vintage saw. The dust door on the front has been replaced as that isn't the original handle on it. That is a very solid saw, replacement parts are available new for most of the parts though the threads may have changed to metric, not really a big deal.
You can find all the info you want on that saw and good advice on the 3 phase at Old Wood Working Machines.org.
You'll love that saw compared to the contractor saw you are using now. I would make the move and never look back. I did just that recently with a PM66.
It's not a GREAT deal but it is a good deal that that saw is probably built better than the new saws today, IMHO. Resale on that saw is very good and you should do no worse than break even if you decide to sell it. If you could talk them down to ~$750 or so, it would be a much better deal and you could do the phase converter for a couple hundred but $1000 is OK deal.
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