Did I buy a lemon?
I'm a bit new here and am a total bike noob.
I say this because I bought a repossessed Roadmaster Mt. Sport SX from a police auction.
The bike looked to be in great shape, and upon further inspection, the only visible flaw was PROBLEM 1: A broken right pedal which was somehow bent downward at an angle (not perpendicular) to the crankarm. PROBLEM 2: the back wheel was warped somewhat.
PROBLEM 1: After a little bit of work, I took out both pedals to be replaced (they seem to have been rusted over a little, but the bike doesn't look too old. It was probably left in the rain).
I didn't realize that while I was putting in the new right pedal, that the inside was stripped; I figured this out the hard way by having my right pedal fall out while riding.
PROBLEM 2: I tried adjusting the spokes, and bending the rim of the wheel, it's improved but it still rubs the back brake.
My question: I paid about $50 for this bike, a bit of an impulse buy. Is it worth it to keep fixing it, or would it be a waste of time and I should just get something new?
I plan on using this bike for class-to-class commute (not home to campus) and light recreation. So as you can tell, I don't need anything amazing.
if you want more info the bike don't hesitate.