if you usually ride a 54 I would stay away from this. the size is already in question and most of the parts besides the shifters look like they came from a freespirit.
if the frame is Columbus I would offer $200 for it, it will make a nice project.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk