Some old upright pianos might be worth lots of money, but most aren't. The ones that look nice as pieces of furniture are worth more than pianos that are beat up.
But what I would look for in an old piano is how it sounds. Some of the big old pianos had very heavy sounding boards and can sound almost as good as a true grand piano. I would have someone who plays piano help you evaluate it. They will be able to tell you if it plays easily, or if the actions are sticky. Another thing to look at is the condition of the keys. If the ivory is in good condition, with few chips, the piano probably has received good card. There are ways of replacing ivory, but I bet it is a hassle.
I would suggest having it tuned after you get it home. A nice sounding piano is much easier to learn on than one that sounds bad--the tuning is worth the money. The piano also should be placed along an inside wall if possible, and out of drafts, as it will stay in tune better that way.
I hope your young student enjoys the piano and learns it well. My parents had me take lessons from the time I was 8. I got reasonably good, but hated to perform. But now, nearly 50 years later, I love to just spend time messing with the same old piano. I can lose myself when I am playing, sometimes for many hours. The "upright grand" Kimball that my grandfather bought used in the 1920's is my most-prized possession. One of my sons has already asked for it when I am gone.
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