Good price if you both happy. Useful rifle.
Not a cut down. What you have there is a mixture of models. Long Lee rifle (or carbine) receiver 1892-1904, mounting a Sht.LE barrel 1903-59
The rear sight leaf is graduated to 2000 yards, and has EC marked at the bottom right of the leaf, which denotes Enfield Carbine. 1896-02
The sight bed was originally soft soldered and screwed onto the carbine. But no screw holes to mount it on this smle barrel, so Bubba welded? Is that actually hard weld or is it blobs of solder holding it onto the barrel?
The magazine is a 6 rounder, from a carbine too. 1895-04
The fore stock is a modified cut and shaved smle Mk.III (patched sight protector inlets) 1907-59. Butt stock is customised with relief defining the pistol grip.
So itsa bitza. Lots of good parts.
That magazine is worth what you paid for the rifle.
Howzit shoot?