I am going to assume when you say "Colt 1911" you mean a genuine Colt and a Government Model type pistol. Those tend to go on GB for around/little under $800 like you said, so it makes sense to me.
I would say if he can land a nice unbutchered gun for $650 to $750 that would be good. Prices decrease if it's got rubber grips, had the frame and slide cut for mods, etc. Nowadays people are starting to really value un-molested Series 70 and also 80 type guns. Of course, if he wants to use it for competition or something and wants the beavertail, alternate sights, etc., his economics are different as he would otherwise have to pay for that, so he should really look for one that is exactly like he wants instead of one he will have to sink $300 more into to get what he wants. If that is your plan, I endorse it. I finally got a genuine Colt two years ago after many, many years of 1911 style guns. I got a Series 70 in stock condition and it has turned into one of my favorite 1911s. It is well built, well finished, and handles nicely. Original GI sights work fine, and I carry it more than any other 1911 now.
