A rifle someone else has built is an unknown quantity, and may only be worth a part of the value of the original components. It all depends on how careful and intelligent the builder was. For $800, you can get factory-built, basic AR that at least has a factory warranty. Let that bounce around for a bit - any home-built rifle you buy (especially on Arms List) will be completely without warranty, guarantee or any other assurance that you aren't getting a piece of crap.
I do not know anything about the seller of the gun you're looking at, and that doesn't matter here. I'm not bashing him, and I'm not vouching for him, either. The rifle is only a "good deal" if you absolutely trust the guy who's selling it to have done everything right in building it. I enjoy the heck out of building ARs, but I don't sell my builds because I don't want to sweat any sort of "customer unsatisfaction" issue. Maybe Arms List will be a useful tool if you have problems with a purchase through them, but maybe not so much.
Buying a home-built rifle face-to-face may be a different matter, especially if you can later contact the seller if you have questions or problems. But it might be better to take a look at how much all those components cost and think about how hard it might be for you to build something like that yourself. You might be surprised at how easy it is to build an AR, and you might find out that even if you spent a little more on the parts, that you'd have a rifle you could depend on totally because you KNOW you put it together correctly.