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Is This MIM worth the effort?

This is available about 2 hours from me. 2003 (confirmed by #SN) MIM 5 string Jazz. The gentleman says he bought it from another man who kept this in his cellar, thus the paint started to peel and he reliced it from there because he didnt know how to finish it himself. I personally like the look of it, but was wondering why the paint was peeling? damp cellar? probably many reasons why, but the fact he's letting it go for $300 dollars sends up a bit of a warning flag. Just lookin for some words of wisdom on this. Or could this be a find? FYI, the guy claims it works really well and there's zero issues beyond the paint and reliced look to it. Thoughts?
 

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