OP: I think you have the right idea and the price you are paying is fair for the metro Boston area. Not everyone has the desire, tools and experience to do a pre-season overhaul. When completed you will have a nice older bike that you have invested $400 on. By comparison you would probably have a tough time finding another used bike for $400 that has just been overhauled and is in excellent working condition. You have made a good decision, enjoy your bike!!!