I don't think that bike would be worth it. I'd look for something a little newer with better components.
How much is not much?
Tires can become brittle with age if left outside in the sun but that takes time. At least a year I would guess, depending on where you live. Otherwise, tires can last for 1500+ miles, again depending on what kind of tire you get. Your rear will wear quicker.
Your drive train will need periodic maintenance and replacement (chain, rear cassette/freewheel, front chainrings). How quickly depends on how you take care of the gears. Keep it clean and lubed is the best you can do. Because the drivetrain needs replacement occassionally, make sure you get a bike that you can still easily get parts for. Freewheels can be had but they are not as readily available as cassettes. Get a bike with a cotterless 3 piece crank. Servicing it will be a lot easier. The bike in the pic has a 1 piece (Ashtabula) crank. Finding chainrings for it may not be easy.
The brakes on that bike have really long arms from the pivot to the pads. This will make those brakes not perform as well. They will probably twist and move alot. I can see the shifters for that bike, does it have them? Get something a little newer, you may have to spend more than you originally planned. You can get something used that is decent in the $200-500 range. I wouldn't go lower than $200 though, and you'll have to know what you are looking for below $300. The numbers are my best estimations, you may find the market different (plus or minus in your area).