That's a sweet setup-Navy Arms did good and even though I have no idea what they go for new, that has to be a great price.
As far as not being a handi, it:
Looks handy,
It has a two-piece stock (handi-like), and--
If you count the detachable magazine it breaks down.
You could also weld a piece of steel onto the metal ring behind the action, which would represent the lever on a true handi. Better yet, you could loosely rivet it so that it would rattle, like a real one does.