I'd say that's not a steal, but a fairly rational price compared to the stupid high pricing of recent times. It's an MIJ Squier and likely to be of better build quality than an equivalent MIC or MII of the same year, but I wouldn't value it more than an equivalent MIJ Squier w/o the neck plate.
If you need (ha!) a Strat, and it's in decent shape, get it. If you don't dig it I think it can be resold easily. If I was in the market I'd get a good MIJ Squier for $375.
I really like that Eddie. I’d hot rod it as needed and gig it. One of our friends 7 way tortoise guards would slam that! Kluson split tops should drop right in. I’d do the guitarAudio Fender full block bridge swap but if you’re gonna deck it no need. Box everything you pull carefully if you ever resell (you probably wouldn’t )