You now have one of the very popular Singer Featherweights.
Good or not is totally subjective. If it makes you happy to have it and you can afford it, it is good. If your kids will be eating beans and franks out of a can for the next 3 months to afford it, not very good.
Either way, you are still the proud owner of a Singer Featherweight.
Sorry, I began this explaination prior to the mention of it being FREE.