Well, my hope is that the components are going to be in good shape. The owner claims that it's been hanging up in his garage for the past five years. So it probably needs a tune up and the tires might be dried out. I'm just looking for an inexpensive but good quality commuter/wet weather bike.
I don't want to spend alot of money on a new bike - I live in an inner-city neighborhood and I've had one bike stolen already - that one was purchased new and cost me around $600 (it was a C'dale mntn bike). Ouch, that hurt. I've replace my mntn bike with another C'dale (F500 hardtail) and that one doesn't go anywhere except on the trails. I even lock it up in my basement. So I'm not going to convert that one into a commuter. Just too risky around here. But I wouldn't be so upset if someone ripped off a bike I only paid $100-150 for. I wouldn't be happy about it but it sure wouldn't hurt as much.
I do appreciate all of the information you all have given me and I'm taking notes with me when I go to look at it on Saturday. The owner doesn't know what the frame size is so it's quite possible that it might not even fit me. If it's in excellent shape and the ride is terriffic then I'll offer him $100 for it but I'm not going over $150. If it's a real beater with some rust I'll either pass or offer him $50 for it.
Thanks again,
Andy