This Item is in Good Condition. There are some missing parts (whammy bar, inlay on 3rd fret, "Blackjack" logo extension on headstock, pickguard) but it is functional and structurally sound. There is some checking / cracking in the finish but the wood itself is not cracked. The tone control is not currently functional but it appears to be all original wiring and correctable with a bit of solder.
This guitar is currently setup with a custom set of 10-48 nickel wound strings and fairly low action (.060" - .070" at the 12th fret). It plays great like this, with no dead spots (even on bends), and intonates well. The truss rod and bridge / saddle adjustments are fully functional so setting it up differently shouldn't be a problem if you prefer something else.
The pickups have a surprisingly wide tonal range, even without the tone control and it is simply a fun guitar to play with tons of vibe.