$130 bucks is worth it. As long as it’s running, the engine parts alone could be worth double that. And if the plastics are in good shape then that’s worth another $150 for both front and back even if there faded. And if the metal racks are not too banged up they are worth money also. Easy $60 bucks a rack. So you would get your money back.
Now having said that, if your looking for a project then you can go to eBay and find some used axels for a fair price and play around with it as a project but your probably going to spend about $250 on parts and some time. As far as experience goes well that’s another story. If your mechanically inclined and have some knowledge about cars and things of that nature then you will be good. The seat is an easy fix and cosmetics are as well. Try and get the price down more. It’s basically a dead bike as it is. Offer him $75 bucks. He will come back at $100.