the frame is steel, a little heavy, but shouldn't be a problem if it's straight and you
have enough heel clearance. and the price was right.
you may want to upgrade the components someday. if they still function, that can
wait. replace the arms now (and probably the bottom bracket while you're there).
if the ride is rough/noisy on pavement, try slick or lo-profile tires.
otherwise, borrow/buy some panniers and go a few weekend tours before you
start changing parts out.