I don't think OP got burned at all. If I needed a good bike, I'd be thrilled to pick that up for $75. It needs a lot of work, and I respect that OP doesn't want to do it. Fine: it's not the bike for him; but I think it has plenty of potential.
+1
- There's '531 under there so it's worth a PC job.
- It has quality 105 components.
- Provides an opportunity to get steeped in bike mechanics.
- Rescuing a forlorn bike is always a satisfying (if not profitable) experience.
- Would be a very good rider.
... Would make a great fixie! (
)