There are too many undefined variables in this "Poll" to offer an answer. What is Properly Set Up? Ready to ride means different things to different people. And does either make a difference? Yes, to the uninformed. Then, of course, what is an expert?

As for the so called experts, they are offering an opinion regarding the state of repair, not the quality of the bicycle. They offer their opinion, I believe, to help the person asking for the evaluation, not to knock a bike. At least that is what I do, of course, I am not an expert.

When considering a purchase, I do not give too hoots if a bike is Set Up properly, nor do I care if it is ready to ride. I do my own set up, as soon as I get a bike, and make darn sure that it is ready (safe) to ride, by doing so. When I evaluate a purchase, I consider the frame and components present, and nothing else. If the frame is of high quality and the components a matched group, the bike earns more points and I am willing to pay more for it.

As for the $100 and $200 rule, not in my humble opinion. There are hundreds of decent (again, decent needs to be defined) old road bikes that I would not pay twenty bucks for, no matter how well set up they are. But that is just me.