Not to me, repro seat, wrong rims, wrong cheap fork, and the shift knob is wrong. It is also missing the front brake and if those are indeed the wrong rims it probably has a non original rear brake as well.
I wouldn't pay that much for it, if you look past the missing original parts the condition is okay but not great either.
Fair warning, I have a few sting rays and they are all original, so to me the price is too high. But if you go to some local bike events, that bike would probably have a $500 price tag on it. But its not worth that at all in its current state. Here on rat rod bikes I would guess its maybe a 100-150 bike, give or take a little bit. Although you could probably part it out for close to the 275 the guy is asking.
Thats my .02 cents worth lets see what others may say. I am not that in tune with ratrodbikes and going pricing on here either.