$118 is definitely a steal. That’s less than a replacement lunette for cut up trailers people are asking $900+ for
$750 is an excellent price, even more so for an A1 with a surge brake. A1s are fairly scarce.
I picked up a M416 last weekend that was in better condition than the one I already had and paid much less for it. Both M416s had original tires, but still held air so I went ahead with the tow. Towed one M416 more than two hours behind my 2500, no issues. The other was less than an hour with no issues. Consider wheels, brakes, bearings and lights on your trailer if you have a long tow home. Although none of this is a huge deal on such a small trailer, I just never want to be the guy that causes an accident or ends up stuck on the side of the road due to my failure to plan.
Take a jack (or a buddy to lift the trailer) lift each wheel off the ground to make sure the wheels spin freely; the parking brakes can be stuck and you can get a feel for condition of the bearings. I’m glad I checked, one side was rusted in place and I couldn’t tell by the handle since the pull cable was cut. Check lug nuts too. One wheel was loose, and two nuts were missing on mine, I put on some spares. If the wiring harness is complete you can use a mil to civ trailer plug adapter and swap 12v bulbs into the lights. Or you can use magnetic tow lights if you have a set. I took along a spare set of wheels and tires, didn’t need them but I had those on hand already. Not much more to it.