(quoted from post at 07:05:50 01/06/17) Kinda hard to say on the value as we don't know anything about how well it runs or the condition of the tires. Tires are expensive and therefore important on establishing a value.
That said, if all is good then the price is not out of line for what I see those tractors sell for in these parts.
There, I answered your question - as best I could - now let me give you some unsolicited advice.
The Ford N Series are fun small tractors and will still do a lot of useful work for you. On a small scale of course. Plowing, discing, mowing, grading, etc. Lots of them still in use for gardens, deer plots, lawn grooming and the like.
They are nimble little things that will put power into small spaces.
But they don't make real good loader tractors.
No power steering is a big drawback and a loader makes an unwieldy behemoth out of one. The do fine with implements on the back but not the front.
Another thing I will suggest is don't go "restoring" the darned thing. Lets say you buy it for $2500. You could easily spend another $3K on it - rebuilding the engine, paint, tires, etc and when you're done will have a tractor that's still only worth about $2500.
If you have $5500 to blow on a tractor you would be much wiser and more satisfied buying a newer tractor to begin with. Something like a Ford 3000 could be had with a better loader and likewise would have live hydraulics, and might have more gears, Live PTO, power steering, differential lock, and other significant upgrades and refinements. It would also have 50% more hp than an N and more hp is almost always better.