There is a bike coop here on campus but they don't sell frames. They just fix bikes and sell certain parts. One of the bike shops in the town only sells new bikes and the other one is a used exchange type place. The problem with the used exchange guy is he usually uses all his frames to build up bikes and sell them for like $150-$200 so he would rather keep the frames and build the bikes instead of selling the frame for like $70. He has this Shogun and Raleigh Grand Prix that he wanted to sell me for about $60 but the steel on them didn't look good.

The 3 speed hub is on a 700c wheel so i think that is a bit of a concern as well. I am also 5'7" so a frame between 52cm to 54cm would be a good fit for me. Are horizontal drop outs necessary for this type of wheel/hub or would vertical ones work too? I will be on the lookout for old steel frames.