The bike is in otherwise excellent condition, completely unmolested - the owner doesn't even realise that you're supposed to put a cap on the ends of the cables. The components are not "high end" they are "middle of the road" and if you wanted to build up a cheap commuter or winter bike I would make him a cheeky offer, strip the frame and scrap it then rebuild it on a better frame, for example a nice old skinny steel Kona or similar.