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What is this PA system worth?

MaverickTX

Howdy, y'all. This is my first time here and I'm hoping you more experienced musicians can provide me some guidance. I've been playing just for personal enjoyment at home for several years but am finally ready to get out there and perform. Other than open mics, I'm starting with small coffee house/bar/cafe-type gigs and thus I am looking to buy my first PA. I know a guy who has a system that's just been collecting dust in his barn for several years other than a few small occasional gigs. He has no idea what he paid for it several years ago and no idea what his asking price would be, so he told me to do research on it and name my price. It's all in working order and sounded great to me when I went to check it out. I realize that it's way more system than I need right now, but I'm hoping it'll work for me starting out with solo acoustic stuff and that I'll grow into it and more fully make use of its capabilities as I progress and start playing larger and more serious gigs with more players.
The system includes:
1 Soundcraft Gigrac 1000st 8 channel stereo mixer/2x500watt amplifier
2 Yamaha S112V mains each rated at 350w/700w max
1 Audio-Technica mb1000h vocal mic
2 speaker stands, 1 mic stand, and all the necessary cabling to hook it all up.
I've attached some pictures I snapped with my phone. The gear is all used, albeit lightly. I believe once I get all the cobwebs and dust knocked off of it, it will be in great condition. So that neither of us gets ripped off, I want to offer this guy a decently reasonable price for it without breaking my bank. So for those of you more experienced and knowledgeable: what would you ask or expect to pay for a setup like this? I greatly appreciate any input or advice y'all may have.
February 16, 2011 @08:43pm
yeahforbes

The system is worth roughly $1200 new. I'd probably offer $600 at first and pay up to $750. I generally go by the following...
1/3 retail for heavily used / scraped
1/2 retail for average
2/3 retail for like-new (lack of warranty alone brings it down that far in my opinion)
February 17, 2011 @05:09am
TimmyP1955

Most gear sells new for 30% off of MSRP.
Most current used gear in good shape sells for 30% off of that (50% of MSPR).
Discontinued used gear in good shape sells for whatever the market will allow, which depends on the desirability and scarcity of the piece. I don't know if the gear you listed is current, but there's nothing special about it that would garner a price above the norm.
February 18, 2011 @02:42am
MaverickTX

Thank y'all very much for the quick responses and the helpful input.
February 18, 2011 @04:24am