The factory red could be misconstrued as orange, but if it doesn't have the black panels on the tank, I would say it has been painted.

Are the sidecovers black, or color matched? I think most were black, but I could be wrong on that.
If the inside of the tank is good, and it has a clean original exhaust and all of the fragile bits of the fairing are there and in good shape, (and it runs well) and the price is right for you - go for it!