That frame looks alright, Its a strait-rail type made for racing on pavement with right/left turns.
It'd be a great kart to ride around for fun, but Its an older 1980's model that wouldnt have much of a chance of wining when racing at a track against newer models.
If that frame hasn't been seriously wrecked/damaged It'd be fair deal for $200. Although it looks like you'd have to buy a brake caliper/master cylinder/brake-lines. Those could easily cost you $200-$300 more... Plus you'd also need set of axle bearings/cassettes, rear wheel hubs, tires/rims/lug nuts/spindle-nuts/spacers, sprocket, hub and chain, plus a motor mount. You could easily end up spending another $500-$1000 for those (brand new high quality) parts, and that's not even counting an engine, clutch, throttle cable and kill switch. Although you could probably shop around and find all those parts used for much-much less.
Here in Arizona you could buy a complete kart just like that, all ready to ride with a 6.5hp clone engine for like around $500. I'd probably suggest you keep shopping for complete rolling racekart that only needs an engine/clutch and chain, I see-em on my local craigslist all the time in the $200-$300 asking price range.