Actually, that doesn't look like a bad bike and not a bad price. I see no reason for a seat post with some sort of spring in it and I can' really tell what's going on with the front fork -- is there some sort of dumb-ass suspension in there -- but otherwise, it looks like a very functional utility bicycle. If you want something to ride on a beer run, it just might work. As for Schwinn, as far as I can tell, it's no longer anything more than a brand. You have to inspect the bike in question to see if it fits the purpose and if it's reasonably well constructed for the price -- just like any other bargain priced bike.

Personally, I think you can find an old Schwinn or Raleigh, or Ross, or one of a thousand brands, that will do the job just as well for less. And, they will be better made bikes. A schwinn Breeze (lady's model) from the late 60s to mid 70s would be a better, more durable and robust bike. Or, a Schwinn Suburban from the early 70s. Or, Raleigh Sports and Sprites. Those were tough bike made to last -- and they have.