This guitar is playable and not shameful. This is my first folk, it's 35 years since I played exclusively on electric guitar is a booster, it fulfills its function. The sound is weak, little bass. I have not changed the strings (bof) original, this explanation may be that!
I took it just to be able to work without an amp, I had no great expectations: it allows me to accompany me on vocals, the sound is okay.
I did last year, I tinkered a bit (see photo) for fun more than anything else. Its price makes it a guitar to take it anywhere without fear, as others have already said. The finish on mine is good, no major flaws, it lacks a little polish on the binding of the handle ... hey, no big deal (but where does this expression rotten?). Without regret, but may be better to invest a bit more still ... to have fewer fingers hurt!