I think he means he wouldn't buy it for more than the slide is worth or about $200 max. Those aftermarket frames can be problematic. For about $300 more you could get a real USGI - a rework or mixmaster - which is what that one is kind of. Look a little further.
First off, it's not an Ithaca 1911A1. It's an unknown aftermarket cast aluminum frame with an Ithaca slide and a mix of GI and commercial aftermarket parts. Whoever made the frame, that's the brand of 1911 it is according to ATF. Like many others here I've had experience with the aftermarket cast frames like Essex, Crown City, and Federal Ordinance. None were positive, although I hear recent-vintage Essex parts aren't too bad. You'd be surprised how poor the tolerances are held with many of these. I had one Essex frame where the mainspring housing slots weren't even cut parallel, so it was impossible to install a housing until one slot had been enlarged with a file (then the fit was sloppy afterwards). Alloy frames aren't too durable in 1911's even from a quality manufacturer like Colt or Kimber, so you can probably imagine how well they hold up if they're cheap aftermarket, and cast besides.