Given the obscenely low values of darkroom equipment, I actually think that it's priced fairly high. I vaguely remember these from (I think) late 60s and 70s. A basic light bulb in a shell above a lens carrier. If it was a B22 or Durst or Beseler I say fine - even at a higher cost. But $40 for what is essentially a give-away enlarger plus what appears to be a fixed format easel seems high. I seriously doubt the seller is being inundated with offers.
There are so many good small format enlargers looking for a home I think it's counter-productive to spend time and money on this one. Just my 2 cents.