Some time ago, someone gave me an old Asama mountain bike. Judging by the component group and the U-brake, I'd guess it would be from 1987 or 1988. It would have been an entry level bike in its day. For several years, it had been sitting outside in the elements. Oddly enough, the frame seems decent with just a bit of surface rust.
I'm hoping to get this bike in shape for a winter cruiser, but I want to know if it's going to be more time, money and effort than it's worth.
The most noticeable problem is the bottom bracket, which must be replaced. The front chainrings don't look great either (although I might just be noticing the play in the bottom bracket.) The rear derailleur may need an adjustment or replacement as it's not moving through all the gears. The wheels are in good shape.
If I start to do the repair work on this bike, should I expect to find some expensive surprises? Is it worth fixing this bike?