Sorry yes, it looks rusty and dirty. I just picked up this bike from craigslist a couple of days ago and haven't cleaned it. I wasn't going to mess around with it too much just yet but a response I got on it made me want to look at the rust issue a bit closer. The rusting is really under the downtube and also a little under the top tube. Maybe it got wet too often or was stored where it would get wet. Since it rains a lot here, that's not far fetched. There's enough rust on the tubes to make me want to attempt repair though I haven't got any experience there. Should be educational.

The bb itself though has cleaned up okay. It's still smooth to touch and no pitting or other deformity. Didn't remove the fixed side, but it looks fine from the other side. It is from a 1985/6 Nishiki International. It's a touring type, maybe not their top end but definitely not bottom end. The cranks are Shimano Biopace touring triple FC-B124. Not sure what the bb is but it's probably related to that.

I see a little rusting inside the bb shell, but it doesn't look too bad.