My old pistolsmith was a fan of Baikal guns. His position was that they made a good foundation and he could customize them to be very nice. Something about “good steel.”
Baikal s used to be imported more commonly. The hunting side by sides had a reputation for being heavy but utterly reliable at an excellent price.
What you have there, I think, is a desirable shotgun. I’d use it for rabbit hunting or grouse and not worry if it rained a bit. It would be fun for cowboy shooting, and although I don’t do “home defense”, I would prefer external hammers for a “farmhouse gun”… personally, I don’t care for the idea of leaving a shotgun loaded and cocked for months at a time.
Like manual transmission, cocking those hammers back requires enough strength and skill and intent to mean pulling the trigger means what it should mean.
What’s it worth? I’d be tempted to buy it from you at that price right now, because I know what it is. You got a good deal, but it’s not worth $500. Not for everyone, but to the guy that wants it, nice shotgun.