Not sure about the paint, but a message has been sent to the owner asking about it. Rusty chain is no biggie atmo since it is easily replaced. It is probably a heavy bike, but this will be aimed at riding on the C&O towpath, so weight isn't a huge deal. It most definitely is a 3-speed, which makes it right up my alley interest wise. I'm not familiar with Italian bikes, but to have one with a SA 3-speed hub is unusual I would think.