This has probably been discussed to death, but a Varsity weighing in over 50lbs... Some of that has to be in the steel rims and handlebars, right? I have seen a couple in person down the years, and they do not look like a heavy-duty bike.
Had I come of age a few years earlier, a Varsity or Continental would probably have been what I received on my 15th birthday.
Ok, another browse of CL came up with the local Varsity that I mentioned earlier with upright bars and some surface rust, asking $100. Then, up closer to Nashville, one with drop bars that looked in better shape asking $150. I have been called cheapskate and tightwad more than a few times, but that just seems way too high.