Originally Posted by
Old Fat Guy
If you were to put $300 worth of parts and labor into it you would have a $300 bike. I'm often wrong, though.
I wouldn't go THAT far, but basically I think OFG is pretty close - in its' present condition it is not worth too much. I think it would clean up and probably overhaul pretty well - but as it sits it is a "rustic country charmer", as they say in the real estate business.
Assuming you do all the labor yourself, your still gonna spend close to $300 worth of parts and your own labor getting it ship-shape - Hmmmm.... maybe OFG IS right, after all.
Seriously, though, I'd pony up $50-$100 easily enough - but more than that I'd think hard before reaching into my pocket. The stem, crank, RD/FD/shifter, and brakes oughta have some value on eBay (assuming that is only surface rust on the steel bits), and a cleaned up frame might do well with the fixie crowd on the local CL.