Thats the going rate.How good the phono is for you to tell us.Cmon......
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OH,excuse me.I thought you bought it already....40$ is OK if its an 8 or better.The phono is OK as I recall,my brother had one for 15 years and we listened daily...are the lights working?I hear Pioneers are difficult to work on as opposed to some of the other Japanese stuff from that era....heresay.....good luck,Bob
Pioneer always made reliable receivers and the SX series was no exception (I've serviced hundreds of them). However you have to understand that the unit is not 'permanent', in that the filter capacitors in the power supply need to be replaced, and likely a good number of the electrolytic coupling caps as well.
IMO it will not be worth it to rebuild, but for $40, if it is working, you might get a few years out of it before it dies completely, although the unit will not perform the way it is supposed to.
It might be worth it to rebuild if you are a collector of old receivers, speakers and such. I myself have several old Sansui, Marantz, and Pioneer receivers that I like to swap in and out of my basement vintage system, along with various old speakers such as Pioneer, Dahlquist, EPI, University, Yamaha, Wharfedale, Infinity, Bose, etc. It's fun to listen to different setups while I work on my latest project - and all of the above have been (or will be) projects at one time or another. The most I paid for any of them was $50 (plus whatever it took to fix them up).
I don't fool myself that I will be able to reap huge profits by selling them, though. I always feel a little guilty selling any of them, actually - it's like selling my kids.