Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - Schwinn World Sport: To buy or not to buy?

http://miami.craigslist.org/mdc/bik/1194139776.html

I've already got an old '87 Raleigh Technium (my first road bike which I use on the weekends) and I've a Schwinn Ranger MTB (from Target) which I use as my more urban commuter. I wouldn't mind upgrading to this road bike as a commuter especially since it has a rack. How much money do you think I would have to put into it? Would the bike fit me? I'm 5'3" and my Technium is a 50 cm frame. Also would I be able to convert it into a fixed gear? Thanks for your time and help!

That bike looks like it's the right size for you. It looks like an older World Sport, like the one I've got in the basement. From the pics it looks like chrome rims, hi-tensile steel frame, nothing to get excited about for $75. With the price of vintage bikes going crazy, it might not be a bad deal, but I'd keep looking.
If you're looking to build a fixie and replace the wheels, then if you could get the price down to say $50, it might not be too bad a deal cause the frame is probably your size. Hope this helps.
Edit: Looks like it weighs in at about 32-33lbs. might be heavier than your Schwinn Ranger. BTW, check out the forks, is it an optical problem with the camera shot or are they bent? Probably the camera, but be sure to check it out if you look at it.

I actually had offered the guy $50 and explained to him I didn't have a whole deal of cash to put into fixing up the bike. I'll see what he says. As for the weight, I wouldn't mind it much. Its more about the road tires for me and the rack coming on the bike. Plus my ranger actually weighs more like 35-37. I'll have to see if I get an email back and maybe check it out myself in terms of those forks.

Pre 1984 World Sports are bottom end bikes. But at $50, why not? Myself, I would keep looking and find something better, but I look every day, so I tend to find some decent deals.