Heard of Herter lathes but this is the first mill I have seen. Looks like a decent light duty mill though, especially for the money. 3 phase power for a 1hp motor can be had pretty reasonably in a variety of forms, I'd keep the motor. Single phase motors don't like a lot of on/off, 3 phase motors don't care. If it has no defects I would guess a pretty low probability of it still being unsold a week from now.