now for a different opinion.

If it has newish chain, tires, bearings, and brake cables and pads, then go for it. Spin off the freewheel and spin on a cog and bb lockring for $20.

It's true you can get a cheap entry level road bike for 50 bucks less, but adding all the parts you need to get it running good will cost you some money. Also, you can't ride that $50 to school or work tomorrow. You can ride the bike.