It is a rack server that I have been offered. It is built and ready to go and has been in use for the past 2-4 years (I'm not sure of the exact time frame).
When you leave the parking lot of a car dealership in your brand new baby, it deprecates by 1/3. When you're had it for a year it loses another 1/3. (Let's don't wander off on a car debate. It's just an example.)
Some of us here use that as a rule of thumb when buying used computer hardware.
You do want to see it operating before money changes hands. Don't go buying a pig in a poke.