I still remember the M-1's at the Roses stores many years back. They were $100 guns then, so I bought one. Now the ones I've seen are $500 or more. A person who buys one for a history piece will be better served. If you are buying it for a shooter, there are better options out there. The M-1 was not a very accurate rifle to begin with and the 30 carbine is just not a rifle catridge capable of much. The ammo is very expensive and often hard to find. If I was buying a shooter, I'd much rather have an SKS. They are just as good, handle a better cartridge and are much cheaper.
You got a deal on your M-1 and your friend is a true friend. He could have gotten double that. I hope you enjoy it,you got a deal.