Bought this bad boy for $50. My kid has outgrown his old bike and has expressed some interest in learning how to work on bikes, so I'm giving this to him. Together we will work on it and turn it into a light tourer. The bike and components are in great shape, but we'll still work on it so he can learn everything. We'll probably start by stripping, cleaning, and painting it (the paint has lots of chips that were covered up in a mismatched blue nail polish, and this way he can choose the color). Then replace brake pads, convert grip shifts to thumb shifters, different tires, new chain, new headset, and give the rear wheel a quick release skewer.

With all that said, it's still a completely functional bike right now. And for $50, you can't go too far wrong.

I'll post photos and update this thread as we progress.