Originally Posted by
clasher
I really would check out a highly rated local bike shop, they can tell you a lot by looking at the bike....
This maybe the best advice. There have been a lot of fine points expressed that can wait until the bike is a safe and dependable roller.
Case in point, my beater bike. It's a very high mileage touring bike that saw little maintenance or TLC. The rims look horrible, but after testing show to be sound enough for me to cancel the purchase another wheel set. A good mechanic can save money for you in the long run.
Brad