I'd be curious about the 3 speed balloon tire wheel hub...could be interesting.

Conjecture: BMX type stem, what appears to be steel wheels, and hi-ten steel frame (you would need to find out if it is) make for a heavy bike. Sidewalls on tires appear to be aging and near the end of their life span and if so you can add another $30 to $40 to replace if you do it yourself. And because I have yet to find a used bike that was really ready to ride, I clean and repack all bearings as they are usually in need of adjustment at the very least.

Having said all that, for 50 bucks would be worth a look if not too far from you. Could be a label marketed to bike rental companies.