Nice bike. By the Biopace chainrings and indexed downtube shifters it looks like middle to late 1980s. Shimano 105 is a fine sport drivetrain and it has a nice saddle, probably a Vetta or Avocet copy of the San Marco Concor. The frame has a classic sport geometry, though I can't tell you what's exactly in the tubes. It's quality but not exotic--seamless, possibly even butted, but not especially light or high modulus. A lot of newbies see a Reynolds decal with strange digits and think they found the metallurgical missing link. Demonstrate that you're above that nonsense by being assured that Reynolds never made a bad tube set, and their steel alloys are among the more corrosion resistant. The size looks fairly large--57 or 58 cm center-to-top. Unless your daughter is tall, you'll have to lower the seat and handlebar. At least the stem extension is short.

Inflate the tires, clean it up, and take it for a spin. If everything feels tight, the tubes hold air, and the brakes and shifters work, you have a keeper. If not, have your local bike shop work it over and you still have a keeper. Or have the bike shop work it over anyway and there will be no doubt that you have a very sweet $100 bike. Be sure to level the saddle. With a proper tuneup and fitting, and round chainrings, I wouldn't hesitate to take this bike on a 100-mile ride. This is a perfect "spare bike."