I would think 500 would be a good starting point, assuming good condition. About right for a Waterford frame. They ride nice. Make sure you know the post size; I'm not sure what they were on the Herons, but on some Waterford frames from the same period the frame took a 27.4 post. People routinely stick in the more common 27.2, and I believe there were some reports of the frames seperating at the seat (edit: these were 753 frames. I think the 531 would be 27.2 and likely avoid this issue) stay/seat cluster joins when this was done. So check that area out before putting down money. Scooper might know more; he knows a pootload about Schwinn/Waterford stuff. At any rate, I'd at least try to figure out this issue before buying or building the bike.
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Last edited by Poguemahone; 05-10-12 at 11:36 AM.