It doesn't sound particularly high quality. A little patience I think will pay off in the end if you keep looking for a higher quality 531 or colombus SL frame. One way to check if the frame was a quality bike is if the drop outs forged or stamped.

You can look at http://www.sheldonbrown.com/glossary-d.html and click on drop out to see the difference. A stamped drop out signals that it was a low quality frame. A fixie is great not only because they are fun to ride but also you get that added benefit of dropping a lot of weight. But if you start out with a boat anchor you lose that last bit.

High quality frames can be found with enough searching and if you aren't too picky.