Sean, just as a follow-up comment - that size and style lathe is mostly suitable for cutting softer material like brass, aluminum, wood, and small steel pieces, without much repeatable precision. There just isn't enough strength in the lathe bed (ways) to handle heavier material. However, for the asking price that would have been a worthwhile purchase, just to see what it can do.
If you are interested in a "real" lathe, shop KSL or Craigslist and look for an old, well-cared for, 9-10" Logan or South Bend lathe. These will routinely sell in the sub-$1000 range depending on tooling. I have a 1950ish 9" Logan that is a perfect hobbyists machine. I first learned to used this lathe when I was a teenager, and it has cut a lot of metal since then.
Here is a good used 6" lathe, outside your area, but an example of a very useful lathe. Craftsman (often with a Wards label) sold a lot of lathes back in the day. These lathes were mostly made by Logan or South Bend.
I have a Craftsman/Atlas 6" Metal Lathe Complete with accessories and table. Call for more details.
detroit.craigslist.org
Here's another example, much like the lathe I have. The price is higher due to the amount of tooling.