Wow. The 301 is my favorite vintage Singer, and that LBOW (light beige oyster white) is my favorite color. In fact I have two of them myself. Off hand, without knowing the condition of the machine and the accessories that come with it, I'd still say $80 is a steal, especially if the cabinet comes with it. I paid more than that for each of mine, without a cabinet. I'd also look for the original manual (often found in the drawer) and check to be sure the bobbin case is there. Extra bobbins would be very nice as would a few feet, although the feet aren't hard to find. You can easily get a 1/4" foot and I just got a walking foot for less than $20 from Sew-Classic dot com. If I were you, I'd take some fabric and a needle and thread and test it out. Good luck and let us know how it turns out.
Dorothy in PA