A few questions come to mind,
1. What's it chambered in?
2. How old is it?
3. Wood or synthetic stock?
4. How much has it been shot and how good of condition is it in?
Bottomline, I have a 700 in .243 win that I use for varmit and have used for deer and I love the gun. The gun is 20+ years old and still shooting 1" groups at 100 yards. I'm not sure how competitive a price that is but seeing as its a buddy of yours, I'd probably go ahead if its a decent rifle and chambered for a cartridge that will suite your needs.