It's a great price... it's almost too good to be true. I'd ask for the details of what they are doing for that price. As the first guy said, there is a lot of other stuff to do (water pump, seals, etc.) while they've got all the stuff removed anyway. I've paid $400 and $600 for my Honda Accords. That included a new water pump, gaskets and tensioner.
You usually get what you pay for and the price you have is low. Not saying I wouldn't go ahead with that guy, but you might want to make sure they are doing all the stuff they should. It would hurt the wallet more to go back in 6 or 12 months and pay $240 for just a water pump when you could have had the timing belt, and water pump for say... $350?
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