Should work OK for a winter bike, but like you said. Low end components. Around my neck of the woods I can get a better used bike for 25-35 USD at the thrift store. But 50 bucks is OK. The frame looks good for a winter bike. It looks like it has steel wheels which are heavy and don't stop very well as the metal is too slick. The brakes might work OK with better brake shoes. Inexpensive aluminum wheels are around 30-35 bucks each.
If the frame is the right size and it is difficult to find used bikes around your neck of the woods, then I would go for it. Unless you can buy an inexpensive Walmart bike with an aluminum frame and aluminum wheels for under 100 dollars.
Last edited by Hezz; 10-14-09 at 09:53 PM.