As said before, worth what you want to pay. I too won't give a dollar value on the tractor, but I will give you somethings to think about. The tractor itself looks to be in nice shape, however, I would question as to why there is a bucket sitting under the frame, just under the motor. What is leaking? I also see that the starter/generator belt cover is missing. Is this included with the sale, or must you find your own to complete the tractor? If for you to find, will you be able to match the paint of the tractor? Nine times out of ten, if the starter/generator belt cover is missing, then the PTO cover on the other side of the motor is missing as well. If it's there, Great! If not, you'll need to find one and right now they are salty, price wise. The concrete under the tractor, just below the transmission is discolored. Could this be from the transmission leaking, or a possible axle seal leaking? Hopefully it's from something other than the tractor, but still worth checking into. I also took notice that the head heat shield is missing from the top of the motor. Once again, is it included with the sale, or must you find your own? If not included, be sure that the engine identification spec tag is located on the engine blower housing. John Deere placed these tags either on the head shield or the blower housing. For a '65 model year, I believe the i.d. tag would have been on the head shield.
As for the price? Since you say it's being listed as being restored, and for the price that is being asked, then all I have to say is, everything should be done right. In my opinion, there is restored, and then there is refurbished. Since restored is being mentioned, then there shouldn't be any cracks in the steering wheel, the steering wheel cap should be new, the tractor should have new belts, a new battery installed with new cables, new or decent wiring harness, a new key switch, solenoid, and voltage regulator have been installed, new decals (no painted around decals) new or decent ball joints, both the engine and transmission have both been gone through and all problems fixed, no wobble or looseness in the axle hubs, the variable speed works like it should, both the choke and throttle cables work without sticking, all springs have been replaced with new, and all cracks in the fiberglass hood have been professionally repaired. All of these things should have been taken care of, as this is the only way I can justify for the asking or selling price. I have restored numerous round fender 110's and 112's, and believe me, I know what it takes to get one restored correctly and how much money is involved. One of the reasons I got away from restoring tractors for others is due to the fact that most people don't want to pay the price for what you have in it. It was to the point that I was only able to get enough money to cover the cost of the parts, decals, and paint. When you aren't able to cover for your time, then it's time to get out of the business.
Good luck to you, and keep us posted. Hopefully you'll have enough information provided to you to make the correct decision. We may not be able to answer all of the questions as accurately as we'd like, but we sure will give our best assumption or advice.