DRF aka Thrifty Bill
Join Date: Jan 2008
Location: The NC Mountains
Bikes: 86 Katakura Silk, 87 Prologue, 87 Cimarron, 14 frame school custom, 73 Paramount
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Fully rehabbed, somewhere around $125, depending on your market and how well it turns out. While that seems like quite a bit of potential profit, you have quite a bit of work to get it to that condition. Saving the wheels is important to cost management. $200 would be a pretty high price, particularly for a ladies style.
As far as advice on fixing it up, do a search of the mechanics forum, along with this forum as well. Decide if you have the time, energy, and desire to fix it up. If not, then just clean it up really good (use Simple Green or similar). You might be able to get $50 for it as is, once you clean it up.