Actually, the price is listed as $2.500, so it's really only two and a half dollars! It looks to be an amazing buy. There's either something wrong that's hidden, or he really wants it gone. Either way, you can hardly go wrong at that price.
It's a 301 2bbl, hard to get too excited about that engine. That said these are great driving cars, I still miss mine.
At that price, replace with the applicable Pontiac engine of your choice (350, 400, 403, or 455) and enjoy!