I would estimate the frame at $500, the machine at $700 and the stitch regulator, if it is a Quilters Cruise Control, at $500 so, yes, it is a fair deal if the seller has all the pieces and manuals. The Janome 1600p is a straight stitch only machine and the feed dogs have a cover plate--they don't drop on that model. Another issue with that model is which kind of needle it takes. There was a D, DB and DPB or DBX model or some alphabet soup designation --LOL. One had a thread cutter and took a regular domestic type needle. The other 2 took the round, commercial or serger type needles which are a little harder to put in--you have to line up the hole by sight--and a little harder to find at your local fabric store. Check out
http://www.allbrands.com and compare their new setups to this one to get a better idea of the deal.