The Yugo M48 and 24/47 are typically very good rifles at a moderate price.
They don't command higher prices partly because they cannot be converted to 30-06, 270, etc. As stated, the action is just the right length for the 8x57, 7x57, and the 6.5x55. If you're not doing a conversion, that is to your benefit.
Even in quite good condition, I'd have a hard time paying much over $200 for one. At $350 there are better alternatives for an all-around rifle. Some of the new, low cost bolt rifles can be had used for around $300 or even less.
They will tend to shoot quite high with the factory sights, which are designed for very long shots.
My eyes are 68, and I don't do well with notch and post sights anymore. I solved that problem and the high shooting problem my replacing the sights with Mojo Sights. For around $70, they make a big improvement in the usefulness of the rifle. In fact, I'd be quite happy hunting most anything with my Yugo 24/47.
The 8x57 is a very good cartridge. However, many of the commercial loads are wimpy. To get good ammo, you'll probably have to make it yourself. If you look around, there are 8x57 loads available for "modern firearms in good condition". You can safely get 2750 FPS with a 175 grain bullet, or 2600 FPS with a 200 grain bullet. The 175 grain bullet is excellent on deer, elk, and anything smaller. The 200 grain bullet is decisive on game that can bite back.