What OS is it currently running? What generation is this or what's the model number?

Hi Walter, its the original iPad Air with model number MD785LL/A / A1474. OS can upgrade up to 12.5.5*

Questions & Answers: Refurbished: Apple iPad Air 9.7-Inch 16GB Wi-Fi Tablet (Space Gray) (MD785LL/A)

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Apple iPad Air 9.7-Inch 16GB Wi-Fi Tablet (Space Gray) (MD785LL/A)

9.7" LED Multi-Touch IPS Retina Display
2048x1536 Native Resolution
Dual-Core Apple A7 CPU with M7 Chip
802.11a/b/g/n Wi-Fi, Bluetooth 4.0
Lighter,Thinner Design
Front 1.2-Megapixel FaceTime HD Camera

$73^.12 –