Originally Posted by Stacey

Looks like you got a great deal, espeically if it didn't have to be shipped.

The question is how involved do you want to get with it?

To do it 'right', a complete overhaul involves striping the bike to the frame and servicing every component. Headset, bottom bracket, wheel bearings, shifters, cables, etc. Examining and evaluating each piece, replacing worn or damaged bits as you go. (This can get expensive fast).

To get it ridable you want to do a tune-up. It looks like you'll need a chain for sure. Disconnect, clean and lube adjust the cables, inspect the tires for obvious damage or degredation. From the pics bar tape looks good, keep or change as you'd like. Check and true the wheels as needed. Maybe a set of Kool-Stop Salmon brake pads, if you'd like. This will give you the most bang for the buck and get you riding quicker and then you can do component level service piecemeal as time & budget permits.

Good luck with your new steed.