Looks like a nice rider with a few tweeks. IMO, looks like it sat out in the rain sometime during its life or in a very humid basement based on the chain, freewheel and seat post binder bolt rust. Also, the fluted seat post is currently inserted to a level where water can use the fluted sections of the seat post to continue entering the seat tube, i.e., the bike was probably used by a rider that was a bit short for this size of frame? Generally a bit more seat post would be exposed for an optimum rider fitting of a road bike.