I think it's an excellent "decent" find, especially at that price. If you could figure a way to strap all your stuff on it, you could go touring tomorrow. Of course, if you want to start improving things the price will go up, but I wouldn't do too much to that bike. Racks, maybe a rigid fork, road tires. I might stop there. If you're going to spend a lot of money, a different bike might be a better starting place.