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It looks alright to me. A nice little dress watch from 1965, that at 31.5mm should be too small for most men. But if the trade makes financial sense and you like it, then why not.
$400 is a fair dealer price considering the condition. It's not a great price for a 31.5mm watch that very few people would buy.
If it was me, I'd look elsewhere. There are plenty of deals on this forum in the $4-500 range if you're patient. A 36mm watch, for example, is much more versatile for most wrists.