I suggest that you take the bass to a local luthier, such as you might find listed here:
http://www.gollihurmusic.com/luthiers.cfm
Ask for their honest opinion, and have someone play it for you. Compare it to the other instruments they have, for sound, feel, etc. If this bass hasn't been played for 7-years it may not be much of a sweetheart for you. The shop can probably hook you up with a teacher as well. A dozen lessons will sure get you off to a good start.
Be as patient as you can stand when you select your instrument. Nothing worse than seeing sympathy in someone's eyes when you show them you new baby. Play a 10k bass as a self-education tool.
My friend bought a $700 bogus-name chinese bass, and spent another $800.00 on it.
It was still terrible- I borrowed it for 6 weeks to get started. He asked me to buy, and showed me the bills. Somebody else bought it, poor soul.
Good luck