Started life as one of the Indio guitar range by Monoprice at around $125 new. Ash body (not basswood) and made in Korea.
I pretty much replaced everything, as follows:
Standard tuners replaced with locking tuners.
Plastic nut replaced with graphite
Nickel bridge replaced with a high-mass brass bridge for improved sustain.
Pickups replaced with a set of hand wound 1962-spec Alnico 2 pickups from Tone Hatch. These you do not get on your run-of-the-mill Squire.
Fret ends have been dressed smooth.
Import switch replaced with an American Oak Grigsby.
Internal wiring replaced with Mogami Gold wire.
Sanded the headstock ready for your choice of "restoration" decal from Ebay.
Even comes with an extra fake tortoise shell pickguard. I cooked up a picture to give you an idea of what it would look like.
There are two tiny scratches below the pickguard (see picture 1). If you can live with that (or touch em up yourself) this is a steal for less than the price of the cheapest Squire Bullet or Affinity series monstrosities. This is the one for your kid to learn on.