Show stoppers would be

ill fitted frame

dented top tube where the bars would impact

bent fork

taco wheel

Stem shifters (hate those) should be down tube shifters as it gives you more options of what you can put on the bike.



"flats, clean/lube chain, re-cable/adjust brake/derailleurs,…" are all negation points. Flat tires, take off $10, crusty tires take off $50, rusted chain take off $20. Cables are only $8 total and I'd change those plus bar tape from change of ownership. Torn saddle would drop another $40-60