The positives - not a great deal of hone wear; rarer model than some others; edge looks to be I’d decent condition.
The big downside is the rust which looks to go pretty deep and, I’m guessing, will not be removed easily unless you go for a re-grind. The scales appear to be common or garden and don’t have the markings that Henckels razors usually carry.
As regards value - and please bear in mind I’m no expert on makes and particular models - if this was on EBay, my maximum would be £50 but would hope it went for less. As it is, the razor needs a lot of attention in terms of removal from the scales so that the pivot area can be properly cleaned, a significant amount of polishing to remove rust spots, the scales would need to be cleaned and re polished and the blade honed. So, unless you can do that yourself, you are probably doubling the outlay And you would then have a very nice razor.