Join Date: Sep 2007
Location: Base of the Rocky Mountains, Canada. Wonderous things!
Bikes: 2010 Cannondale Hooligan 3
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There's a lot of rust. As well as the crankset, You can also see rust on the insides of the bars, on the rear gears, and on pretty much every exposed bolt on the bicycle as well. With that level of rust, I wouldn't be terribly surprised to see frame rust as well.
I don't know much about the value of road bikes, but I know the value of rust. Having to buy a new crankset, rear gear cluster, chain, replacement bolts, and potentially a new handlebar would increase the cost of that bike by quite a bit, and you'd be lucky if it wasn't simply badly damaged with frame rust in the first place.