Kuwahara Road Bike for $110CAD is it too good to be true?

I saw this Kuwahara road bike on Craigslist and I’m considering buying it. I've never owned a road bike before, and this seems like a good deal for me as a student.

From what I’ve learned, Kuwahara road bikes were made in the 80s and 90s. What should I check for when I go see the bike in person? Any common issues with bikes this old?

I also noticed there are two small holes in the frame where a bottle holder was mounted. Could this affect the structural integrity or lead to water getting in and causing rust? How can I check for that kind of damage?

Thanks in advance.