This is the updated version of the TD 165 with a better tonearm. I used to have a TD 165, a TD 160, and a TD 125. The 166 you are looking at appears to be in great condition and probably is a steal at that price.
There is a good chance you will need to buy a new belt which are readily available online, but some are better than others - The ones I liked came from elexatelier.com. You may need to adjust the suspension (there are three large adjustment knobs on the underside of the base) to make sure it's level and has good "bounce". Another place to check is vinylengine.com which has manuals and whatnot. Chances are good that you'll want to use some better feet than the little rubbers that come with the table. If you get really ambitious you can replace the flimsy pressed wood base with birch plywood. I have done all of the above and I am not mechanically talented.
Manual pick up means it does not shut off at the end of the record. You have to get up out of your listening chair, walk across the room and use the cueing lever (the horror!).

If you are looking to get into vinyl with a minimal expenditure, this table is a great place to start. I would buy it before anything new for under $500. A few hours of tinkering and you'll be in vinyl heaven. Go for it!

Scott