$50 is worth it.
Heck, for that little money, I strip the shifters and derailleurs off of it, turn it into a SS and ride the heck out of it. I'd even, swap the crap fork for a rigid (probably $30 from a shop) and go full retro, SS Rigid (maybe we should have a new designation SSR).
I'd go for it, regardless of the condition.
L8R
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"Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming, "WOW, What a Ride!" - unknown
"Your Bike Sucks" - Sky Yaeger