I work at a major university, and each year the departing kiddies leave all sorts of schwag behind, including bikes. Usually these are junkers; cheapie box-store things. I have rescued and rebuilt several over the years, usually re-selling them back into the "community".
This year, I had my eye on a Raleigh roadster that was sitting behind one of the frat houses minus the front wheel. It had been there all year, never moved. After graduation Friday, I was checking the row (I'm with the police) and saw it was still there. There were a couple of the lads inside, packing up stuff, so I inquired about the bike.
"Oh, that guy graduated a couple of years ago. You're welcome to it if you want it."
This is a Raleigh R-500, a very nice little roadster with butted 7005 tubing, straight RSX components, a Selle Italia saddle, low-end but useable Profile aero bars, Mavic semi-aero wheels (well, one...) and in very good shape. Other than surface rust and a couple of nicks on the frame paint, everything works, and it appears to have hardly been ridden. I had to true up the rear wheel a bit, and there's some surface rust on the exposed steel parts.
A bit of TLC and a new wheel and I figure to be able to ask 4-5 bills for this critter.