If it cleans up nicely, and you get the rust off the coin door, have a decent backglass, fully stripped/cleaned/waxed play field with new rubber - i.e., fully shopped - and plays well, probably a $500 game I'd guess. This ones a bit simple as far as older Sterns go - not much to do on it - but can be a nice player's game if it's tuned and cleaned. Hard to tell the cabinet condition, but the door definitely has some oxidation on it, and there's a bit of missing paint on the head as well.
Playfield is where the action's at, but a trashed cabinet definitely brings the price down.
$65 is a good price based upon your description; you should be able to get your money out of it and make a few bucks on it if it's cleaned up nicely.