Originally Posted by Paul Barnard

You can count on cables needing replacing. I can't imagine them not suffering from sitting outside unused for so long. Bearings may have rusted too. There could be a lot of hidden corrosion that you can't see without dismantling the bike. If you are good at wrenching, it may be a good deal. Tires, tubes, chains and cables are cheap. Greasing the hubs and servicing the bottom bracket may be all it needs. Too hard to say without laying eyes on it.