From the photo it appears to be a pretty small frame, so if you're considering buying it make sure it fits you.

Varsities can be made much more ridable by replacing the steel rims with alloy rims, replacing the heavy steel Ashtabula cranks with three-piece alloy cranks, and generally putting it on a diet with lighter stem, bars, seatpost, etc. Of course you're then spending a lot more on it than you'd ever get back if you sold it.