OK, here's my 2p worth, and I am far from being neutral cos I love S1s, especially the small tanked (S1 as opposed to S1w - which this is even though it has the bigger tank - you can tell this from the silver heads and the fact that it is a 96/97 model due to the brakes) ones...
It's too expensive, I would have said £3500 or less. Why? Cos there are loads of things you will want to change. There are those who will say 'just put petrol in and ride it', however you need the 'tuber' experience in my view, they are bikes to love not hate and if it doesn't function well, you will hate it...
Lets take my S1 as an example, it was a 97 model just like that one and it felt like a rat, maybe cos it was one.
Have a look here, you will see it listed as Ripple:
viewtopic.php?p=413#p413aI bought it on eBay in the states (where the one we are looking at above has come from) and imported it myself. At the same time, I bought an X1 swinging arm, cos it was stiffer (so I am told) and looked beefier to go with the musclebike theme.
The air filter was a crock, so I fitted a Forcewinder. I fitted Beef's old S1 Maxton forks, I fitted an AST shock (mine was leaking), an EBC prolite disc (the bobbins on mine were very worn) then I took it for an MOT.
I rode it around and found the front brake awful, so I swapped the PM caliper for a Nissin (off a 98-02 tuber) and this made a huge difference...
I was lucky as the bike came with the Buell Pro-Race
exhaust and US gearing (which this one above will have). The carb was a Keihin CV with a Dynojet kit, it peformed OK, but the engine was always lacking, especially in terms of pickup and above around 4000rpm, the power seemed to drop of. I dyno-ed it at 80bhp, 1 more than Daywalker's XB9SX.
I bought a Mikuni, that transformed the pickup (after setting things up under Maz's guidance), but it was still lacking above 4k.
I fitted a Dynatek ignition unit with lots of curves (like a saucy lady), that made less of a difference, but would be useful later.
Then I fitted an XB top end and spent the morning with
Tubbs on the dyno at Moorespeed. It went from 80bhp to 95bhp with selecting the most useful ignition curve and the right main jet; the way the bike performed on the road was a revelation (not really sure what that means but it was loads better).
I was still a main jet size down, I was still a little lean at the top, so I fitted one size larger, however did not go back to the dyno, so it could be a little higher than 95bhp now.
That's the way the bike has stayed, and I have put many thousands of miles on it since. Proudest moment was a top gear roll-on with Spook on the M5 during the S1 JoGLE trip, him flat on the tank on his X1, me sitting up giving him the finger as I rolled past him!
The S1 has sat in the corner this year, giving way to the X1, which I think is an awesome bike too (don't overlook one)...
But back to your question, it's too much cash. If I were to buy it (I already have two S1s), I would do the following:
* New front disc
* New front caliper
* New rear caliper (the old sliding Brembo rear overheats if used readily - I have a hidden two pot Brembo on mine)
* Later swing arm
* Mikuni
* Pro-Race pipe
* New shock (AST or Ohlins or something similar)
The list can continue:
* XB top end
* New front mount
* Corbin seat
* etc. etc. etc.
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) but it also needs loads doing to it. As a mostly original example (apart from the removed plastics which may or may not be included in the sale...) it might make a nice museum piece, but it needs serious money spent on it to be a nice ride. The worry is that if, for example, something as glaringly obvious and safety related as the rear shock has not been upgraded, what other essential upgrades has it missed out on? Was the owner enthusiastic or was it just another bike to him? Did the owner/ maintainer know anything about Buells at all? Has it even had any maintainance? 
you beat me to it, Nick!
