An important think to watch out for is bed wear.
Move the carriage all the way left to the headstock and lock it.
Then loosen the carriage lock just enough so the carriage moves smoothly.
Now move the carriage all the way to the tail stock.
Any binding is a sign of bed wear. Typically the carriage will work smoothly near the head stock and start to lock up as you move it to the right because the bed is worn down where it has been used the most. Bed wear is very expensive to repair and usually only done to very expensive lathes.
If the carriage wont lock at all it could be because the carriage has been loosened up so you cant perform this test.
South Bend lathes and the parts are plentiful and in demand, which is always something to consider.
This lathe is a 9 or 10 inch x 24 (a guess). It appears to have a collet closer and a quick change tool post (2 in the pic).
Those appear the be real Aloris tool posts. 2 Aloris tool posts new with 4-5 tool bit holders would cost well over $1000.00.
This lathe with everything pictured is probably worth over $1000.00 as long as there is no signs of bed wear.
I would complain about the 220v motor and try to get it for $800.00 - $900.00.
Smaller lathes like this are in demand and easier to sell than a large machine.
I'm no South Bend expert but after looking into it I think that's a light 10" model with 18" or 22" between centers.
http://www.lathes.co.uk/southbend/page8.html