Finished my latest project, cost me $40 ($20 for most of the bike, $20 for paint/sandpaper/etc.)
Still need a seatpost, and some hardware for the rack. The wheels weigh a ton, old steel rims, cassette doesn't come apart so I can't take out the cogs and replace with spacers. Cassette sounds like it's gonna explode anyway.
Also need smaller tires (slicks) that will allow the fenders to fit.
Wooden chainguard:
Smoothed out the welds and rattle can paint job, they looked nasty. This WAS an early 90's Magna mountain bike. (ignore the sticker
)