Depends on your market. As a flipper, I might give $75 MAX for that bike. $110 would eliminate most of my profits. Figure it will need a saddle, bearings, grease, cables, housings, bar tape, inner tube, pedals (notice the super cheap plastic MTB pedals on there??), possibly chain, freewheel, maybe tires (craptastic pic). So the question becomes, what is the minimum acceptable profit for you for assuming some risk (the unknowns like bb and hub condition), your time to rehab, and the time to market the bike.
Where are you going to buy the parts you need? I have a pile of parts, and buy consumables in bulk, in part to manage the costs of rehab. Buy them one at a time, at your local bike shop, and you can pay 3 to 4X for all of that stuff.
Unfortunately, for flips, you have to start pretty low, lower than someone who wants a keeper bike, or you end up working for free.
I have found in negotiating for bikes, I do not get into a debate with the seller on what the bike is worth and I do not disparage the bike (assume the owner LIKES his bike!!). Instead, I often disarm them with something like: "Your bike is probably worth the asking price. Unfortunately, to me, I will have to put about $100 into it (or whatever my estimate is), so I can only pay $75 for it. If you would be interested in $75, great. If not, I understand. You have a nice bike." I then am prepared to walk. I never knock their bike, that just makes them defensive, and less open to an offer. The only defects I will discuss are stuck seat post and stem. If either of those are stuck, at that point, I just tell the seller what the parts are worth to me. The discussion is more like: "I've had bikes with stuck stems before. Sometimes I can free them up, sometimes I can't. If I can't, I can still use the nice parts on your bike, and could offer you $50."
If you can shed light on what component group is on there, value might be higher. But given obvious condition (neglected), its wise to assume it will have some hidden surprises.
Rear QR is on backwards, a sign of a clueless owner.
On flipping bikes, once you do it for a while, you will have the tools/time/aptitude to do all the work yourself. You will also have the marketing skills, and a pile of affordable parts bought in bulk. At that point, the $$ made on flips is made when you BUY the project. Pay an extra $20 for a project, and your profit potential just dropped by $20. End users can and should be able to pay more. So a deal could be a nice one for an end user, and a crappy deal for a flip. Most of my flip bikes come as projects (need work). End users are not interested in most projects, making the pricing more viable for me.
+1 To below, I thought that RD was an old Suntour as well, looks misplaced.
Last edited by wrk101; 02-02-13 at 07:48 AM.