Thanks for all of your advice!
Originally Posted by
Iowegian
If you're on a tight budget I'd just ride it the way it is for a while and upgrade as needed. New cables/housing, chain, brake pads, tires and a thorough cleanup and lube can make a huge difference in ride quality without busting the bank. If you do decide later that you want to upgrade certain aspects then go for up but you might be surprised at how much you like the bike just the way it is before then.
Agreed
.
I brought the bike down to a coop today where I was able to borrow the tools and get the help to overhaul the rear wheel. The bearing races and cones looked fine so I think that's the direction I'll take for now. I can always make those changes if the rims aren't holding up. The hubs are pretty nice, but the wheels aren't anything special.
I've already spent more on the bike than I paid for it by buying fenders, touring racks, a new saddle, and some used SPD pedals for it. I found a real interesting handlebar add-on at the coop that's going to give me quite a few hand positions. I think I'm going to really like it once it's all cleaned up!