I have a relatively tight budget, sorry I should have specified that. I also don't want to go too extravagant because if some other college steals my brand new bike I'd probably just go insane.
I also found this here (http://newyork.craigslist.org/mnh/bik/3510905319.html), I also received pictures showing little rusting, and am wondering if $50 would be a reasonable offer? I'm mainly looking for a cheap but reliable source of transportation.