A used bike on my local Craigslist. It's described as a 80's Schwinn frame. They put a surly cog in it and fixed the freewheel, and they say the original steel wheels are on it (though I thought you were supposed to throw away the rims when you relace steel?).
Can anyone tell me what kind of frame it likely is (hi tens, crmo)? and if it's worth $125? I'm looking for something to turn into a lightweight commuter, and I'm wanting a decent frame to build on.
Here's a picture, sorry if the hotlink is bad:
