Great deal.... How much time and $ are you willing to spend fixing it up?

Your bar tape looks OK but replace it if there's another color you'd like and you have money. It's not as important as some other stuff you could do.

When I buy old bikes I find that I almost always need to replace the tubes and tires so start with that (unless the seller just did it for you). Keep the old tubes for spares. You can find lots of options in 27 inch online and maybe in your own area. If you search bike forums it's a topic with many previous discussions.

If the bike was stored for years you might be able to get away with keeping the original chain. I usually give it a good cleaning/soaking in WD 40 and a good lube and see how it cleans up.

If you give the bike a good cleaning and lubing it will help you to start to see what needs to be replaced and what just needs grease. Often the freewheel in the back is very dry.

Schwinns were built remarkably tough.