Also watch for:

Cottered cranks
Steel wheels
Steel anything but the frame really.

Turkey levers, steel wheels and stem shifters aren't deal killers per se, I've seen some nice bikes with that junk retro-fitted or even factory. I have a Nishiki touring frame made of double butted tange chromolly that had cruiser bars, foam grips, a big fuzzy seat and stem shifters that I picked up CHEAP cause nobody could see past all the dumb **** the previous owner had done to it.