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What's it worth?

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You could probably get $500 for it if you wait for the right buyer. Meaning someone that races vintage bikes, or a collector.

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In my area $200 to $300 seems about right. More if you found "the right" buyer, but honestly you may never find that person. The problem is that the '76 RM125 isn't special in any way. It's not the first "RM", that was in '75 and the '76 model doesn't qualify as the best year for any vintage class, so really it's just a nice old bike who's value is tied directly to it's current state of repair.

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