Yes, it's low-end, in marketing terms of the time (stem shifters, RD claw, turkey levers, stamped dropouts, no QRs).
On the plus side, it's CrMo, and has some nice details (pin-striped outlining of the lugs). Also, it's a large frame (27", I think), which is desirable for someone, I bet.
On the minus side, it's a little rough (rust on the frame).
As it is, it's one of the following:
(a) a solid piece of transportation for someone who's no longer allowed to drive
OR
(b) a perfect fixie conversion, for someone who lives in an urban area where a flashy paint job would attract too much attention from thieves.
If you sell it as-is, you'll get potential buyers from (a) and (b). On the other hand, a lot of the potential buyers in group (a) are only shopping at yard sales and goodwills for their next ride. So maybe you lose little buy selling it as a frame.