I ran into one of these at the range today. Poor guy paid $175 for it at a gunshow, and I had to tell him it wasn't fixable.
It was double-feeding on him, and I noticed that the slide was really sticky, like it hadn't been oiled. Tried to disassemble the gun, and I realized it's not meant to be taken apart. Wonderful.
I lubed it up as best I could, but the slide felt "slow" when I hand-cycled it. I put a magazine in, and the gun fired one shot before locking up again. Switched magazines and got three shots off before it locked.
It's worth noting that my 3-shot group was about 11 inches. I'm not exaggerating.
The gun has a safety, which did not work. The slide was very soft nickel-plated zinc, and the feed ramp was pretty rough. Given the alloy, I didn't even recommend trying to polish/file it.
This was a brand-new gun, and the guy looked crestfallen when I explained it to him. I can only imagine the dissappointment. It's not like he'll even be able to sell it.
As it turns out, Cobra is a new incarnation of Raven, and it shows. Once in awhile, you can get lucky with one of the ROF guns, but how long your luck holds...well, I'd say save up a bit more and go for a Bersa (or a Makarov) at the very least.