That is a terrific bike at $80 even if it is missing its headbadge. The ride is smooth. You can improve the ride dramatically with alloy wheels; I'd look around for a decent pair from Craigslist or a local bike co-op. That bike can take really fat tires as well. I used to ride mine with 700 x 40c tires. It was built around 27 inch wheels but the brakes can handle 700c tires.

It is a real classic and in great shape. I've been looking like forever for one locally with no luck or at least not at a price I'd be willing to pay. $80 is about right for the bike. Grab it.