Classic and Vintage Bicycles: What's it Worth? Appraisals and Inquiries - Is this a reasonable price, or a decent bike? "KHS road bike"

I'm a bit wary of this road bike ad on craigslist. The price isn't horrible compared to what other people want for their older bikes, it's listed at 60 dollars, but has all of the worrisome trappings such as information given in caps and horrendous pictures. Here's the ad:

http://inlandempire.craigslist.org/bik/1247294790.html

and some pictures are attached. I'd appreciate any information on this item. I don't even know if this may be stolen. There is in fact a university nearby in Riverside, so I'm a little wary of that as well. Is this just a lucky find?

It looks like their are some Wienmann brakes, from what I can tell. Sadly, I can't tell much more from the lettering along the frame. I can't quite place the name of the shifters, because I've only just recently gotten into repairing bikes. They're rather common, from what I've seen, though.

It looks like an entry level bike as it is equipped with safety brake levers and stem shifters. The price is good, and the missing seatpost is a blessing as that you won't be stuck with a post thats stuck.

Low end bike cheap (assuming you can do the work it will need). I would look at it for sure. Pictures are basically worthless. Could be a little better than low end. Impossible to tell.

+1 Stem shifters plus turkey levers are clear signs of lower end bike. But still could be decent.

Projects only make sense if you can do the work. If you have a shop do the work, the cost of repairs will far exceed bike's value.

Its worth looking into....add:

$25 for tires
$10 to cover the bars
$10-15 for cables
$12 for a seatpost
$20 for a seat

Thank you for the input. I'm lucky enough to be working with a place in the town where I go to school that holds an open shop and works with people to teach them how to fix bikes. I'm mostly using projects like these to learn more about how to repair them, and I have most of the things I need to fix them up already there. If I do end up getting this thing after taking a look, I'll take it there and use the shop in return for donations and my own volunteer work.

Will sort nuts and bolts for work space :). Not to mention help people with bottom brackets, brakes, and the like.

My son who moved to California last year picked up a KHS road bike for $75 (I think he could have gotten it for less, but he is not yet skilled in the art of horse trading). It is a respectable entry level bike and is probably similar to yours. His had a Sakae/Suntour drivetrain (Silstar cranks, Suntour 7 GT derailleurs), centerpull DiaCOmpe brakes, 27" wheels. Quick release hub on front but not on back. 6 speed freewheel. Suntour powershifters on the stem.

Its a good bike for him as he is just learning his way around bikes and how to do maintenance on them. He commutes daily on his.

The bike is worth $50 parted out. Add miamijim's figures, and you'll have that much into it to ride it, and that's what it will be worth. Functional intrinsic value, they say.

I doubt it's worth much more than that.