The price sounds right, especially for the carbine version. Rate of twist will be 1/12 so it will work best with 55gr ammo, or less.
I'd look at the stock and ensure that it's the original, although for the price I wouldn't really argue. Colt SP1 carbines came with a Colt aluminum 2 position stock. The stock is covered in vinyl acetate that will give it a shiny, almost plastic look. These are in high demand down south with the retro crowd and can go for big bucks down there. I wouldn't mind getting one myself for a retro carbine.
Only other thing to really be aware of is that it uses a large hole pivot pin which means that an adaptor is necessary if you wish to use any other upper on it.
Check the bolt and carrier for the Colt marks, but again even if not original, it's still a good price.