Personally, I think that lathe is in pretty good shape. It is dry and will need some cleaning up but I'll bet it is a low-mileage lathe based on the little wear in the paint in places a heavily used lathe would show. The ways look good; no major dings I can see. It has a D1-4 camlock so it is a later model. Not sure what brand of chuck is on there but it looks to be in decent shape.
I do not see a carriage stop, thread dial indicator and it is missing the tailstock ram and handle for the cross slide hand wheel. You will need to fabricate a stud for a qctp but that is no biggie.
You do not mention if it comes with a steady or follow rest or any other tooling but if that lathe were to land in my area for under 3K, it would be gone before the ink dried on the ad. It may take some time but you will be able to replace the missing tailstock items from ebay. Ask if he has the change gear set for this lathe; you will need it for cutting some Imperial and metric threads. These come up on ebay but are not common and will go as fast as they appear. The thread dial indicator does show up but, like all Emco parts, tend to be expensive.
If I were you, I would jump. The lathe is going for a very nice price and this is one of the best lathes Emco made. It is made to a DIN tool room standard, has induction hardened ways, is quiet and smooth and with the standard real 2HP motor, it can do much more than an import 11" lathe can. I have had my Super 11 CD down to the last nut and bolt (except for the headstock innards) and I can tell you that this lathe is put together extremely well. No import lathe will even come close to the quality of this lathe, and while it will cost you some money to get it fully tooled up, it is worth it in my opinion.