To my eye it looks like the frame is too small for whoever is riding it. The stem may be above the max height mark and a general rule of thumb on steel bikes (well any bike with a horizontal top tube) was about one fist width of seatpost showing, much more then it was time for a bigger frame.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk