Originally Posted by
Planetperki
the way i'm planning on working it, is that when i get the bike i strip it down to its bare components and give it a wee bit of a clean to see what the actual frame is like and the using the majority of what is there to make it fixed but without spending too much before i know if its for me or not...
if it is then i'm going to start with crank, chain, rims and tyres and then after i've updated the main parts i'll go for a headset, bar, seat post and seat replacement...
then finally if i don't find a different frame and forks that i like, or if i fancy a change then i'll go for a paint job and see what happens from there... it'll be a long project i reckon but it'll be worth it when i get to ride my new fixed gear (with or without the perfect parts and paint)

I'd keep all the components except the rear derailleur. Take the old freewheel off (the five gear cluster) and add a new freewheel cog. If the front chainring is a 48, use a 16 or 17 tooth freewheel in the back. Adjust chain length. Make sure the brakes have new pads and probably new cables and housings. Add some bartape. Off you go. Singlespeed bike on the cheap. Then start upgrading parts after you get a feel for what really needs to be upgraded.
I took this bike
and turned it into
then
Bike looks and rides great but I poured ~$700 into it. Ridiculously easy to spend way too much on a project.