For those interested, here's an update on this bike. After putting 600 or so miles on it the bike is holding strong, and is really amazing for its low price. I love this little bike!

It's components are less than desirable though. I've replaced the brakes, saddle, grips, brake cables, seat post clamp, and tires so far, and will be upgrading the sketchy seat post next. I really want to switch to 406 wheels, but I don't even know if they make brake calibers long enough to reach them. If anyone has any tips on this please let me know!

Here's an updated photo: