Looks mostly good except the site seems to have taken a hit from Penguin/Panda updates of April 2011: http://www.semrush.com/info/www.calitreview.com?db=us
Even with that being the case, I think it's a pretty solid website to use as a base and expand elsewhere. See if the guy is willing to give you guest access to his analytics or adsense if you want more information.
Also, any idea what his reserve price is?