Contrary to what the ad says, it's not a high end turntable (entry to mid-fi). That being said, the Denon is well built and the price is fair if it's in good shape and working properly. It's very easy to set up and operate (even easier if you decide to keep the cartridge it comes with). The arm is servo controlled, so it tracks like a champ.
The cartridge is an Ortofon OM. The stylus is either an OMB 3 or an OMB 5 since these are the only ones that come with a red dot on them. This is a basic and entry level stylus. However you could upgrade it simply by buying and plugging in an OMB 20 or OMB 30 stylus since the cartridge bodies are the same.
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Originally Posted by powerslave 
I would say get some more info. Find out what kind of Ortofon Cart is on there and since it sounds like its local to you, call the guy and see if you can get a demo. You could also find out some history or if he reconditioned it, replaced parts, etc.
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A demo would be an excellent idea. That way you could check to see that the speed holds stable and the arm tracks properly, since these are the two things that usually go wrong on Denons. Check also that there's no motor noise when playing.
If you decide to buy it, make sure it is on a sturdy shelf and isolated from noise, since Denons are susceptible to reproducing footfalls and and low bass from speakers.
I have no personal experience, but I have read that a Denon Dl 110 matches well with this tonearm if you decide to upgrade the cartridge.
Do a search on this forum for "phono preamp". There are many recommendations for inexpensive preamps that will do a more than capable job.