As a basic bike boom 10-speed, it is probably well worth what you paid, particularly if it fits you as well as you indicated.
Check the lengths of the slots in the brake calipers. If you can move the front and rear brake pads down 4mm, you can install 700C wheels, which are pretty easy to find, new or used. Replace at least the brake pads (KoolStop salmons rule!), if not the brake cables and housings.
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"Far and away the best prize that life offers is the chance to work hard at work worth doing." --Theodore Roosevelt
Capo: 1959 Modell Campagnolo, S/N 40324; 1960 Sieger (2), S/N 42624, 42597
Carlton: 1962 Franco Suisse, S/N K7911
Peugeot: 1970 UO-8, S/N 0010468
Bianchi: 1982 Campione d'Italia, S/N 1.M9914
Schwinn: 1988 Project KOM-10, S/N F804069