In terms of components, you can't really go wrong with what's on the bike, and with a de-grease and clean up there's a solid base to work from. Can't quite work out why but the frame doesn't seem that 'racey' - I think it's the geometry, although the rear wheel is slung back as far as it will go - once moved forward it may tighten up the geometry? A frame number may (or may not) give you a clue as to the manufacturer although this often becomes a wild goose chase.
All depends on what it's for sale for - if it's in double figures I'd have a go it if I was you, if it starts with a 2 and another two digits after it, I'd walk away (assuming it isn't a crash hot frame under that livery) as there's a whole raft of bikes that are in that price bracket and don't need as much work as that one does.
It's a quandary when you see bikes like this....
Mudguard eyes on it as well, so not a race frame