Is it rare? It is significantly less common than M95 series rifles, but I can't say to how that translates into value.
The 1888/90 receiver is a holdover from the 1886 Mannlicher in terms of bolt design, and the wedge locking bolt is significantly weaker than the later rotating bolt head design in part because it was a black powder design.
The rifle should be chambered in 8x50r (the Austro-Hungariancartridge is not interchangeable with the French
8x50r Lebel cartridge). There is no current commercial manufacturer for this cartridge, it would need to be loaded at home. 7.62x54r can be used as a parent cartridge. I would suggest caution in loading for this rifle given the bolt design.