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dweenk, I can't give you a reason not to buy the bike. I can give you one in favor. I bought a teal blue Robin Hood ladies 3-speed with the idea of flipping it. A neighbor's young adult daughter came over to look at it. She was about 24 years old and had just set out on her own. She had never before seen an old 3-speed. She swooned. I swear I saw her get weak in the knees. She bought it. I never heard back from her, but I'd like to think she has enjoyed the bike.
I sold the bike at a very small profit, because I felt like I was doing a good deed by giving a good price.