"told me it was a rusted pile when he gave it away"
It's a Chicago Schwinn .... the chrome on those bikes is incredible. It takes alot of effort to trash one of those bikes. Probably will last another 100 years with normal maintenance.
Underneath the fenders have a bit of rust but nothing a bit of cleaning will do.
We already had to replace the front bearing, the day we got it I was gonna go for a ride and the front bearing falls apart. lol Now it rides real smooth, needs a new seat. :/