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Any opinion on this rare bass?

Definitely pass. Rather than list this objects many faults, what can you list as attributes? I see about $50.00 in resaleable parts (maybe, if they work), and some bass-shaped wood. You can do better IMHO.
 
Pickups look to be either Dimarzio or Schaller. I'm not aware of another manufacturer using hex-bolts for pole pieces. With a bit of luck they might be early 'Patent Applied For' Dimarzios which some seem to consider superior to modern equivalents. $200 is quite a lot of scratch for such an early 'lawsuit' bass. For me it shares too many characteristics with earlier '60s Japanese instruments, namely the tuners and neck construction, and the overall geometry of the body is a bit wonky. With later lawsuit instruments you can tell they analysed physical examples of the original guitars and basses they were trying to copy. With the early stuff you get the sense they were working from photographs and drawings! The fact that this bass doesn't look exactly like a Fender Jazz would bother me, but perhaps others are less fazed by this.
 
The bass is an older imported model. For some reason there is a following developing for these instruments. I personally think they're all junk. Back in the day you didn't aspire to own this bass. It was the best you could do for your money and you had no choice. You aspired to get a real bass and couldn't wait to leave this behind. The magic of nostalgia, quest for the unknown, and marketing has brought these instruments back to the market place. I laugh every time I see one for sale! This bass is a novelty / psuedo-collectible with a niche market. Spend the $200 (or add to it) for a more modern entry level (or better) bass. There are many to choose from. Unless of course you want to start collecting junky old Japanese basses. In that case it is a good entry point into the market.
 
Hi Guru!

Any opinion on this bass, it's a vintage bass from the 70s I think. would it be wise to grab it? or just go get a newer bass?

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Some info

Bellwood guitars were Japanese-made; primarily copies of Fender's They were sold under a few different names: ColourSound, Sanox Sound, etc.). Quality was said to be good; typical of Japanese-made guitars in the mid- to late-70's. They did a lucite Strat copy that is considered a collector's item back in the late 1970s:
 
For up to $100 or so, this could be a fun little project. I like quirky basses like this one, with odd pup placement and all... That is, assuming it is serviceable, but I doubt the seller would go that low anyway, so I'd pass...

If you're looking for a reliable player, that MIM you mentioned would probably be better. A new Squier could serve you better, for $200.
 
I used to see things like that at yard sales for ten bucks. As has been well said earlier, no one wanted them. For good reason.

You seem concerned about the economics of saving the difference between this and a much better bass. I might suggest that for less money you can find something much better that actually qualifies as an instrument. As an example, I recently found a Squier Vintage Modified Fretless Jazz for $140. All it needed was a neckplate and screws ($8 here on TB), a new set of strings, and a tweak to the truss rod. Amazingly good bass for the money, especially compared to what you're looking at, which probably would better serve as a canoe paddle. Good deals are out there. This isn't one of them.
 
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Hard pass.

Pony up the extra 100 and get a reliable instrument from a brand with a good name. That bass might be ok now, but in the long run I think the MIM Fender will absolutely pay for itself in terms of quality and reliability.