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Silvertone Teisco Bass...

The "I've got an old bass in my basement" is always a gamble worth investigating. Just know that it could be total junk. Look at the neck, play every note in every fret and see if the electronics are usable.

With the cheaper made vintage stuff you have to be careful. Your friend could spot one on Ebay for $700 when in reality it will never be playable.
 
I love old basses and guitars like that. Some can be dogs, but many of those dogs can be made playable with a little know-how. But some can be quite awesome as they sit, so check it out. Last spring I picked up a Realistic violin bass from 67 or 68 made by Matsumoku (Univox, Greco, Aria). It was a fixer upper with a slight twist in the neck, but once I got it done I ended up with an absolutely awesome playing and sounding bass for about $350 total.