Is this a good deal on a bike?

You will not be competing with that thing. You could make a project bike and try to restore it, if you have the spare time and some mechanical inclination. It is probably worth no more than 30 USD. The brakes seem weak. I like the chain-ring. I would think it was made in the 1950-60. There should still be hundreds of bikes like that in that part of the world if I am not mistaken.