As long as it's otherwise in decent shape, it might be worth it---though I'd try to get it down to $150. A couple observations from the low-res photos:
1) the rear derailleur looks newer than the bike? Hard to tell, but it looks a bit more streamlined than most derailleur from the late 80s. Not all that important, anyway.
2) You might want a different saddle---that style I've found to be pretty uncomfortable.
3) It almost certainly needs new tires---if those are original, or even reasonably old, the sidewalls will be crumbly by now.
4) Hard to see what the deal with the brakes is, but they're probably the old and really-annoying-to-adjust road kind.
5) Are the wheels (rims) aluminum or steel? Are they still perfectly circular (true)? If they're out of true, and they're aluminum, you'll need to get new wheels. Out-of-true steel wheels you might be able to true back up. What size are the wheels? Nowadays most road bikes use "700c" diameter wheels; older road bikes used 27 1/4" wheels, which are now somewhat harder to find.
I'd pay $100 for the frame alone, though I've worked as a bike mechanic and have resold bikes on Craigslist for fun and profit. For a first bike, it might be worth it to go to a used bike shop or bike co-op and have them help you out.
