I've seen quite a few of these around. With a complete overhaul, I don't think they'd be terrible. They'd probably last long enough to offset $75 of bus fare.

The biggest impediment if you actually intended to own and use it would be the constant maintenance of the wheel bearings, bottom bracket and the immediate replacement of the brakes made of stamped American Cheese.

I'd get one for a rides downtown or a stadium event. If it offsets the cost of parking 2x then you are money ahead.

Pragmatically: At the very least, it does have tubes, tires, brake pads...All consumable stuff that'd set you back more if purchased separately for other bikes.