I recently got the itch to go cycling this summer but I am pretty cheap. So I have been doing some craiglist scanning and I found one I am going to go look at later today.

I know close to nothing about road bikes and bicycles in general so I was wondering if I could get some help with this one.

His post describes the bike as:
"FOR SALE IS A NICE 12 SPEED PARAGON ROAD BIKE.

BIKE HAS 27" WHEELS AND IS 30" TALL AT THE TOP TUBE. IT MEASURES ABOUT 20" FROM THE CENTER OF THE CRANK TO THE SEAT POST OPENING."



What size frame would this bike be?
What should I be looking for when I get to meet this bike?
How much do these types of road bikes go for?
What kind of lingo should I practice to sound like a bike pro for bartering tools?

Any help would be great.