hey new guy in florida

hey, ive been reading on this forum and decided to join on with a question about a 1982 gl500. my neighbor has on that is not in terrible shape but definitely needs to be restored. it cranks and has started but if you dont hold the throttle almost wide open it dies. i am sure that it is the carbs needing to be cleaned. the bike overall is not a horrible looking one and i do like the twisted engine look. so he is looking to sell it for 500 bucks and i don't think for around here for that bike it is too much? he said he will happily hold the title while i pay him a little each week to get it. so i guess im really asking is 500 to much? i will be doing all the repairs as i am pretty handy at building and rebuilding 4 wheelers. oh it has 17,000 miles and decent tires. thanks