:welcome to nanotank!
One of the first things to look for is to make sure it is not covered in nuisance algae like hair algae, bubble algae (valonia), etc. I would also want to know if the tank has ever been treated with copper because the copper gets into the pores of the LR and leaches back out over time. Having the copper leach back out means that it would be unsuitable to keep any kind of inverts because the copper will kill them. If the tank is currently set-up look for starfish, snails, shrimp, etc. if these are present you shouldn't have any copper worries but if it is set-up as a FOWLR then copper may have been used. It is also more desireable for the LR to be fully or almost completely covered in coralline algae but as long as some coralline is present and the rock isn't algae green it is okay. It should also smell like a fresh ocean smell if the tank is still up, if the tank has already been torn down and the LR has dried out it should be considered base rock because all of the beneficial bacteria has died off. The price depends on the color and condition of the LR along with the amount. I have seen LR sold from $2-$3 per pound on the average around my area but I think around half of the regualr price in your area would be a good rule of thumb with the exception of maybe really premium LR which you may pay a bit more for. Good luck.