It depends on what type of riding you'd like to do. 3 wheelers are a lot of fun to ride, but aren't worth a damn for utility work. Remember, they ride completely different than a 4 wheeler. If you're wanting something to climb hills or play in the mud, you're better off getting a 4 wheeler. For $200.00, it would still be worth it just to have to play on.
If it is in really good shape and you think it's worth putting money into, something that a lot of people don't know is there is a company in california that makes top quality conversion kits to make a 3 wheeler into a 4 wheeler the kit includes everything you need including matching fenders. when it's done you can't tell the difference