$500, inspection and local pickup all sound good for a machine like that.
BUT, some things to consider:
If you're not handy, don't like getting your hands "dirty", or are opposed to spending some more money to make it operational, I would move on
It's huge.... make sure you have a space for it
I think it is a rotary pump machine requiring plumbing (or at least a Flojet)
It might be in disrepair or neglect
What I would check (assuming you'll even be in a position to test it):
Power on
Does boiler fill?
Does it heat?
Does it steam?
Does the hot water tap function?
Do the dosing controls seem to work?
Do you have all the portafilters and baskets?
Does it have any gauges? Do they work?
Pop out the filter basket and see how much crud is in the portafilter, extreme buildup would give you a clue that it was more or less neglected elsewhere.
Has it been stored at above freezing temps since taken out of service?
Do they have anything else to throw in with it (hose for connections, machine cleaner, blind basket, tamper, water filter, grinder? you might be surprised)
I bought a commercial machine from Menomonie, WI, and let me tell you it was seriously scaled. Bad. Enough so that I think I might want to pull the element. If you have similar hard water there and it was not softened or otherwise treated, you may have similar scale issues.
I would also browse a site like cafeparts.com to see what replacement parts would run you for that machine.... that might send you running away.
Also, consider this, while it may be fun to have a commercial machine, it may not be more forgiving, nimble, or in any way better than the other machines you have considered. You also will have a smaller support network to fall back on (no warranty, part or vendor support, less folks famiiliar with it in the home barista community, etc.).
Good luck.