Yep, that sounds about right.
This was a "landmark" model. Designed by Henry Drefuss, it was one of the last Hoover old-style tool conversions to hit the market. Already, Dreyfuss had re-designed Hoover's first-line cleaners to have side slide-in tool conversion (1936). Because this model 305 was the budget model, Hoover was able to offer it for $49.50 "and your trade-in". After the war, this model would be re-designed (with side tool conversion) into the Model 27, then, very quickly, into the famous Model 28. But, this was the first model that looked like this. Hoover's second-line company NORCO, offered a very similar machine to this 305.