Well, I bought this PMI-1-in-a-box a while ago with the intention of putting it together, but I havent succeeded with it yet. Every time I air it up, it seems to have a leak out the bottom. I tried to track it down, but I cannot. I'm sure a good sheridan tech like B or PPS or somebody could fix it up. Anyway, the pictures may not show it, but it includes everything except a few screws (hardware store) and a grip frame (PPS, Sergi, or perhaps Bacci) to the best of my knowledge.
A few nice things about this gun: it's got a Turbo valve and the body has apparently been drilled for the kit. The hole on the bottom of the body matches the valve outlet size so I'd assume the passageway opening up deal has been done. This kit and work is probably worth $50 or more I'd assume. The bolt has not been drilled though, so you might need to get a drill press and do that. Another interesting part is the valve stem. For some reason, it has a piece of tungsten (perhaps some other hard metal) inset into the brass. I would assume this prevents the stem from mushrooming from the hammer. Right now the valve is NOT in the gun, but I can put it in before shipping or I can sell a valve tool with the gun for $20 or so (this will be negotiated with the price of the gun/shipping/whatnot).
What do I want for this wonderful brass, you might be asking? Well, I want almost exactly what I paid for it, $75. For a almost complete sheridan with a turbo valve, this is a pretty good deal I think. But, I am also wanting trades in a bad way. I really need a PPS LTvalve, a WGP valve tool, and a spring kit (preferably a 'cocker/nelson Maddman kit), and very hopefully a VM freak back.
So, in brief: gun minus grip frame=$75+shipping, valve tool extra.