Depending on the level of neglect it's amazing what a good cleaning/tuneup plus a new set of tires, new brake pads and new cables will do to make a bike 'ride like new'.

Bars are cheap and easy to obtain used, really easy to swap. Cassettes and chains (and to a slightly lesser extent chainrings) are 'consumable' items, and are easy to swap. Seats you'll often end up swapping anyway, take-offs at bike shops are quite cheap if you don't mind getting a slightly heavier saddle.

Assuming the bottom brackets are ok and there's no major damage to the frame, together they're worth over $95. The rest of the bike (with the exclusion of wheels) can be put together using parts off of single bikes. You get to pick what level of parts you want/how much you want to spend.

Heck, what size is it? I might be interested in the bike..