The machine is a Hightop from the mid to late 1940s. It is not from the 1930 like the seller suggests. It is a pretty common machine.
It looks like the paint on the machine is pretty rough and the seller says it does need a new paint job.
Regarding price. I guess that depends on what you plan to do with the machine. It is currently at $565 + $110 for shipping. You would be hard pressed to make much money by selling it to a dealer. However, it is difficult to find any working slot machine from a dealer for under $1,500
If you are going to pay someone to paint it then that could easily run $200 or more. If the mechanism needs work plan on spending another $100 (or more). That is assuming you know someone in the area that can work on it.
If you are just buying it for yourself and don't want to immediatiely sell it for a profit, then in my opinion, if you can get it for under $1,000 (including shipping) then that is reasonable.
Go to
http://www.AntiqueSlotMachinePriceGuide.com to research prices. DISCLAIMER: I host that site.