Sounds like you got a pretty interesting bike. (How about a picture?!) I paid $280 for my first one, I think. Too much, but it had been taken pretty good care of and looked great. It fits me well and has been worth the money for me. For the 87 I just bought I paid $120. It is in good shape. Tiny rust spots here and there, and scratches, but appears to have hardly been ridden. The only issue was a very wobbly front wheel, but I was able to get it true. I think someone might have tried to true it before and messed it up. Eventually I might replace brake hoods, bar tape, toe clips, etc. But for now probably the only thing I expect to buy is tires. (The seller put new tires on it, but they seem pretty cheap and heavy.)