These bikes sell for $125 in college towns, so worth the effort if you'd like to flip it. Many college students prefer this exact style of bike, though steel rims are a no-go for use in wet weather, unless perhaps special pads can be found for such usage.


The "myth" about limited pressure using straight-walled (un-hooked) rims stems primarily from perhaps just one or two careless manufacturers whose bead-seating diameter tolerances were out of the range used by most other rim makers.
In general, rims that don't say Weinmann on them are typically good for 90psi tires, though unless one is over 200lbs there is little reason to use more than 85psi in a 1-1/4" width 27" tire, and I run 'em at 60-70psi even on training rides.
Lots of bikes were sold with steel-bead 27" tires rated for 90 or 100psi on the plain Araya rims that were so prolific at the time, and I never had one blow off the rim. It was only until I bought an early-70's Schwinn Supersport with Weinmann 27" rims that I found that anything over 70psi would threaten tire blow-off, regardless of tire brand. But not even all Weinmann rims had this problem, only certain models or batches it seems.