It would probably sell better without the draw loc for starters., but otherwise I agree with you, he probably won't get $400, but it's probably not a bad starting price either.
I've found that by making sure it's "hunt ready" it'll sell quicker. SO I'd suggest getting the string replaced before selling it, and that alone would help it sell quicker. No one likes to buy stuff that needs work before even being able to use it, unless the price is so low that they just can't pass it up.