Without good pictures, and an idea of the price, there is no way we can tell whether the gun is a decent buy or not. In general, those old Colts are not good buys as practical guns because if anything goes wrong, there is no reliable source of parts and very few gunsmiths who know how to fix them. On the plus side, they usually don't give trouble unless tampered with and if the gun is in very good condition, collector value will continue to go up.
Jim