I agree that it must be '60's to '70's Japanese, but aside from that, I'd probably pay 50 bucks for it myself, if I had 50 bucks to spend. Maybe not if the neck was warped or something (which they are on a good portion of those types of guitars). I wouldn't care about bad electronics. You can just redo them without much cost. And I wouldn't spend much more than 50 unless it was in really nice shape.
But I don't think that these guitars are useless as instruments, to be relegated to wall hanger or slide-only status. Some of them are playable and sound OK. I did spend more than $50 for my Japanese cheapie because it was in very good condition, it came with a case, and it is very hard to find in the 12 string model: