I don't think the price is out of line for a Model 12-3 if it's LNIB with all the papers. It would make a fine addition to a collection.
But it's not a "shooter". The alloy framed Model 12's are good guns, however for someone who wants something they can shoot every few weeks and put hundreds of rounds through every month, look for a Model 10 or Model 15.
(Someone else mentioned police trade-in Model 15's cheap at J&G sales in Arizona on another thread.)