I like how all of the photos are from far away, and none of the interior! The only thing it has going for it is the new Top Prop...perhaps an $8k upgrade over the old AD props. Perhaps the engine isn't the original + 1 overhaul, and if so, there might still be some value in it. The rest of the plane needs a lot of TLC, though. If he needs to note that it has new wing tie downs ($25?) in the ad, then there really isn't much to highlight!
Still, if it has been in Vegas or similar dry country for a lot of it's life, it might be a good candidate for someone with more time and elbow grease to spare than cash.
Or if a long-term M20C owner was looking for spares, this plane could be bought and it might make sense. Put the new prop on the "good" plane, remove this engine and start the overhaul process, sell the old engine eventually as a running core. Remove the gear components on this one and refurb as time allows (paint and bushings), and swap in as desired. The control surfaces have value since they are susceptible to hangar rash and especially hail. Lots of potential value to the right buyer with the right mindset...