I’m no repair specialist (usually consult Kyle directly for that) but it looks like, with some love, this could be an awesome beginners shamisen for the price.
Looks to be a nagauta shamisen, so just be aware of that if you are interested in getting into certain styles. It’s not impossible to play tsugaru style on nagauta (I started on a nagauta shamisen) but it may end up being a challenge, especially if you have larger hands. Also, it appears to have been assembled improperly; the sao [neck] is on backwards. Easy fix: just gotta pull the sao out and re-insert it facing the proper direction (basically, the fancy side is supposed to be the “face” for this given shamisen).
You would definitely want to re-skin it, which I cannot give you an estimate on (again, Kyle is the man to talk with). I’d also suggest giving it a solid wipe down and probably polishing it up.
Ultimately, this could be a steal as far as prices go if you are willing to put some elbow grease into this. Then you just gotta get some new strings, a nice koma [bridge], and you’d be set!
Hope that you are successful in procuring your shamisen~
AD