Joe,

You haven't really provided enough info to do any kind of meaningful evaluation.

Based on what you have provided it would appear it's grossing about $32k/year, about 1,500 units. You'll have to come up with an annual net profit figure. Some questions you'll have to have answers to for any prospective buyer will be is the product patented, can it be patented? How quick is it going to become obsolete, and what will I have to do to keep the product updated and current? And, will the buyer have the knowledge to be able to do it.

There won't be much value beyond the cost of inventory simply because there is not enough history to base a future on.

I bought a business a number of years ago much like this one. A single product, a short sales history. I bought the inventory, tooling, technology, business records history, sales literature...everything, for the cost of the saleable inventory. For me it was a no lose deal. As soon as I'd sold the inventory I had my money back...that was 3 weeks. I still have the business and it's been operating for over 10yrs so needless to say I made money off the deal, he got his cash out of the deal so he had it for something else he was planning. We both felt like we'd won.
Good luck