hmmm..
if the engine is in good running condition, the frame is uncracked/unwelded, the brake is in working order, and the wheels are still good (bearings and tyres)
I don't think that 200 is way too much,
The pedal raisers are worth negotiating, welded on.. no way back but to buy new ones (or cut them off and maybe ruin the original pedals on the way... buy new ones)
as long as you don't know better consider this a small gx140 clone (cheapest possible option)
also check the clutch, it should sit firm on the engines shaft, if it rattles it needs to be replaced..
So if those two things (pedals and clutch) are the only things you should take care of, then 150-160 maybe.
if the engine isn't runnign at all, or the frame is broken.. walk away.
IDK.. if you think you can fix it *shrugs* maybe, but nowhere near 200
take a very close look at it, check everything twice front to back.
it's your money, but as my teacher always said:
"if in doubt, leave it out

"
And that holds true for nearly everything...
'sid