Classic & Vintage - trek 700

Pics will come later, but I got a trek 700 today at an auction. It needs a fair amount of work. I started by pulling the rear wheel planning to repack the bearings, but the freewheel side cup has some pitting (very small, I can only feel it with a pencil) that prevents it from spinning really well even after I repack it.

How do I determine what kind of replacement to get and where do I find replacements? The rims, spokes, etc all seem fine, so if I can replace the races and get it smooth, I think I'll be okay. I probably need to replace the bearings as well?

What can anyone tell me about tis bike? This one is small 38cm, but could be nice for my younger son or I may pass it on when I get it back up and running.

Pics will come later, but I got a trek 700 today at an auction. It needs a fair amount of work. I started by pulling the rear wheel planning to repack the bearings, but the freewheel side cup has some pitting (very small, I can only feel it with a pencil) that prevents it from spinning really well even after I repack it.

How do I determine what kind of replacement to get and where do I find replacements? The rims, spokes, etc all seem fine, so if I can replace the races and get it smooth, I think I'll be okay. I probably need to replace the bearings as well?

What can anyone tell me about tis bike? This one is small 38cm, but could be nice for my younger son or I may pass it on when I get it back up and running.

You can start by finding out what the model and year is. There should be a frame number under the bottom bracket and you can check it here:
http://www.vintage-trek.com/SerialNumbers.htm
Once you know the model you can likely find out what components were on the bike when it left the factory. Hopefully, they are still on the bike. When you know which components you are dealing with you can start looking for replacement parts.

If the race on the axle is pitted you may be able to get a new one and replace it. If you mean the race inside the hub I think you'll have to find a replacement hub. I'm not an expert but I don't think you can replace the race.

I stripped and cleaned an old pair of Lyotard pedals I got for $10 the other day. The races on the axles and inside the pedal bodies were pitted. I got new ball bearings and sanded all the races as well as I could. They spin freely now but there is just a bit of lumpiness. They will do. If it was a hub I'd be less willing to use it as it is.

For parts, ebay, when you know what you are looking for.

Photo would be good.