Best off with a bike that is ready to ride, recently serviced, good tires and cables, etc. Even for someone mechanically inclined to say the least, there is a serious investment required in tools, and time, to rehab older bikes. Better off getting bikes to ride for now, and keep your eye out for a smokin hot deal on an older bike to rehab.

If it fits and is in ready to go condition, that Cannondale is a real good deal.