You're certain to have scars where that strap-on bottle cage mounts, and the pump mount on top. You have a lot of rust removal to do, and the shifters need to be overhauled and de-rusted. Killer stem, but I can't see the bolt. No doubt you've got to de-rust and repack the BB and go over those hubs, spokes, and rims.

In my limited experience, you'll spend $100 minimum to get her roadworthy, closer to $150. If you've got the needed parts lying around, great, but if not, consider it a hobby with costs you won't recover, and ride it like you stole it, because it's not a steal.

Still, I've bought worse. Just don't bike off more than you can chew....