If you can get it for $700 and the sails & furler are half decent, why not have a go? If you don't like it, I promise someone like Bubb2 will buy it for more than you paid. The class is strong and growing like a weed, mainly because it's a fun mob and the boat is so cheap to own. Picnic cruise for four ... if the winds are light, shur. If they pick up, hope you have good PFDs.
For mellow(er) outings, I'd consider adding jiffy reefing to the boat. Since it's mainly raced as a one-design, most Buccs won't have reefing points. But I found the boat is MUCH sweeter above 12 kts if you can take 30" or so out of the sail. It has a tall mast for its weight and hull form, and the "powerhead" main creates a lot of heeling moment. Then you can keep the (very small) jib out, which alleviates some of its brutal weather helm.
Other points: old Buccs were made by at least four builders, and now Nickels Boat Works. The original Chryslers were pretty good; those built by TMI should be avoided, as the hull quality tends to be poor. Starwind and Cardinal are okay -- often lighter than the Chryslers, tho spar quality can be hit or miss. Sight down the boom and see how much curve it has. It will typically bow a bit, but some are quite radically bent. Also, it's really preferred if the mast step has been boosted a foot and a tabernacle installed; especially for an older couple, raising the mast is MUCH easier with the hinged base.
Rudder cheeks should be drilled aluminum plate; the original baroque casting is prone to breakage. The original pintle clips were trash; everybody pins them so the rudder doesn't fall off. Jib is best tensioned via a 'magic box' on the mast, a common retrofit from the original under-deck hyfield lever. It's not a hard boat to right, but close-fitting hatch and lazarette covers will keep it from sinking in the meantime. I say if you can steal it, do -- at least it gets the thing back in circulation! You'll never have more fun in a crappy old boat, I promise.
ETA: What FrancoC said: we surfed home one day on jib only in 30 knots -- chop made an accidental jibe too likely to fly the main. With two up and a boat chock full of camping gear, we averaged 7.5 knots downwind on 61 sqft of sail. And the boat moves on days when you swear there is no wind at all. Great hull, but a real workout in windy/gusty places like Wyoming or Texas.