Steel is still real, Mr. Emperor. That is a smokin' catch for $15. A solid frame, and middle of the road (no pun intended) but perfectly serviceable parts. Just slap some skinny MTB tires on and go. Paint might be a waste of time, but that's your call. Leave the suspension fork, as you'd have to find the suspension-corrected rigid to preserve the steering geometry. Commute over pot holes and bad roads with impunity.