Pardon the newbie question.

Been looking for a new bike and am trying to decide on a new one or to buy an older one to restore.

Was at a thrift store today and saw a bike by Skynomish. It looks good with the exception of the read rerailer which is badly damaged. The decal on the frame said that it is CroMoly tubing. Had Shimano Airus shifters and Yeti grips on it as well. Would need to replace the cables and derailer, but other than that it is in decent shape. They are asking 20 bucks for it.

Is CroMoly a decent material for a frame? Or should I run away and look for something better?