Nice score!
I regularly "rescue" Peavey amps (there are certain models I really like alot) from our local Craigslist.
I got a Session 400 FOR FREE when I went to guys house to buy a speaker (You want this amp?... I hate it...),,, the only problem was that the reverb tank was loosely screwed directly to the bottom of the cab, no bag or insulation, and every time the guy played a chord it vibrated/rattled really bad.
I pulled the tank out and stuck it in a bag, and the amp worked perfectly.
I got a Reno 400 for $25 bucks, and a Renown 400 for $40 bucks. Both cleaned up nicely inside and out with some elbow-grease and tuner-spray (no more scratchy knobs). I just found the hard to find channel switching/combining Footswitch for the Renown through another guy on CL... the guy said I could have it FOR FREE (He said "I hate that distortion channel, I'll never use it").
Funn Stuff!