It would depend upon how thoroughly it's been refurbished and maintained and what kind of accessories come with it.
You can fix just about anything on this machine pretty cheaply and easily except the paint.
I have only bought one machine on eBay and unless I knew the seller, I would probably never do it again. The seller can hide so much with clever photography and omission of points in the description.
In my part of the country (DFW area) 301's come up on craigslist at reasonable prices pretty frequently. I think I paid around $125 or $150 for mine and it came in a blonde cabinet with matching storage bench. It had only one foot and it needed a lot of cleaning, but once cleaned, the machine is practically brand new inside, so I still consider it a good buy.
I spent another hundred or so replacing the cord and control and buying a complete set of vintage accessories and feet. (blind hemmer, zig-zaggers, darning feet, walking foot, etc) I like every machine to have as close to a "complete" kit of the options that were available when it was new as I can get.
It's a good machine and I like it fine, but I never went crazy over mine the way that some people do. I need to make room for a long arm, so I'll probably be selling this one soon and I'll only be keeping the 5 or 6 machines that I'm really attached to. :)
I'm sort of an anomaly though - vintage machine lovers really love this one, so if you come across one at a price that looks good to you, go ahead and get it and at least try it. (Make sure that it has its bobbin case and cords and foot control with it.)