South bend is a very quality name. At least it has been in the past. The older model SB "heavy 10" lathes are legendary workhorses and even 30 year old models in well used condition can go for $2000 plus on craigslist.
Looks good, 1 1/8" spindle bore is decent and if he would sell it for $1000, it would be hard to beat.
It would be nice if it had crossfeed, but most lathes that size don't. And as long as he has the full set of gears and none are broken, you're good.