First, the lack of a rear brake makes me wonder if that's a fixie and not merely a singlespeed. Some people want a fixie, but you should know whether it is or isn't and adjust your buying accordingly.
If you're just cruising around campus and to work, it sounds like this is for short distances. I'm of the opinion that you can pretty much ride any bike that's roughly your size short distances. Campus = lots of bike theft usually, so make sure whatever you get is cheap and hopefully ugly. That bike is completely in line with the annoying fad bikes lately - looks like a fixie, the handlebars, etc. That may make it more liable to be stolen. It's an older bike and may have issues - who knows in what condition the headset and bottom bracket is in, although neither should be all that expensive to fix. It's also unclear what the new wheels are so no idea of their quality.
Right now it's $129 + $65 shipping. So it's not particularly cheap for a beater bike. Plus it may be a fixie. I wouldn't buy it for what you describe. I'd get a cheaper bike that's more of a beater.