So, its been sporterized (shortened barrel and stock), the front sight appears to be mounted on a band- the original would have been soldered on, odds are the rear is calibrated for a rifle-length barrel and it will shoot low. On the plus side, the conversion looks well done and clean.
They are very smooth actions, though not super strong due to only having a single locking lug. Factory ammo is stupid rare and $$$$.
So, if your willing to handload, its not a bad gun or a horrible deal. Unmodified Krag rifles are goin for close to a grand now, and real carbines are nearing two Gs.