We ARE, however, talking about a rifle which is a minimum of 94 years old and has been through at LEAST two Wars, possibly as many as SIX, depending on where it has been hiding and who it has been hanging out with. You can not POSSIBLY expect it to look "new".
What is the MECHANICAL condition like?
What condition is the BORE in?
WHERE is the "very deep" pitting and how much of it is actually there? How much is just FINISH damage?
We NEED good photos in a case such as this.
I'm not being snarky, friend. I have a Gew 98 here that I bought some years back for $106. It is a 1915/1920 Mauser-built Mauser and it looks like War Two went over TOP of it. Cleaned up some of the rust and hauled some stinky old grease out of it, took it to the range, pits and ugly finish and all. It shot a 1-1/4 inch group at 100 yards. The Kaiser would have been proud.
Without a detailed examination, it is hard to tell. Photos make it easier, though, especially when one is 1400 miles away, as I am; some of the best people on this board are near 3000 miles from you; they WILL give you straight goods but they have to SEE it.
Friend BUFFDOG gave you a good, solid minimum; I'm giving you a good, solid possibility.
I would not be surprised if the RIFLE was somewhere in the middle. But we NEED photos.