My opinion is if it looks from fair to halfway decent, and the gearbox works good with no leaks, then it's hard to go wrong getting a bush hog for $150. Especially if that's a medium to heavy duty unit.
On the flipside, if the deck's all rusted & beat up, bent or broke, tailwheel was worn out, and the gearbox leaks, and it needs new blades I would probably pass on it. It would just depend on how much work and money I think it would take to make into a usable mower. A pic or two would have been good.