A friend is offering to sell me a Squier stratocaster he got a neck that says Fender on it(Not sure of it's origins so I'm suspicious to it being genuine or not) put onto, and that he also painted to look like Jimi Hendrix's strat from the Monterey Pop Festival for about $350. He's an aspiring artist too, so the painting actually isn't that bad. I love the way it looks, but I'm skeptic of Squiers. Anyone who owns a Squier and has a decent amount of experience under their belt(I'm talking 3 years bare minimum, and even then I'm not positive that's long enough), how do they sound? Would I want to replace anything besides the neck, which he already replaced for me?

Pics can be provided if need-be.

Baltimore Orioles: 2014 AL Eastern Division Champions, 2017: 75-87
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No. Don't bother. You can get a used Mexican Fender for 250 easily.
Well before you say "nah don't bother", it is best to take a look at what model and year specifically it is. Squier has had some phenomenal models that exceed the quality of Fenders twice their price and has had some major duds. Find out the model, country it was made in, year, etc. That will help us give you some better feedback!

Alvarez FD-60 acoustic electric- $295 obo (perfect condition, amber finish)
Lindy Fralin Blues Special Strat pickups (as set, perfect condition) - $175 obo

PM me if you are interested!
squiers are good if you get the right model

but there are some BAD guitars in their line
Vintage V-100, EMG 81&60
Chapman ML-1

Jet City JCA20H
Play it, you can tell if the neck is a good neck or not. If the PUs have been replaced and its a higher end Squire with a decent body, its a good guitar