I took a look at a 3Rensho yesterday that was for sale on CL. He said it had "some corrosion" on the top tube, but....wow. I should have taken a picture or 3, but I'll try to describe it.

For at least 6" along the TT, right behind the headseat, it was missing half the paint on the side, and had corroded to the point where there was rough orange-peel rust. There was paint missing in many other spots, but this was by far the worst.

He let me take it to Yellow Jersey to get it appraised, and in the meantime I realized that the large Campy chainring was cracked. Yikes.

The owner of Yellow Jersey said that the rust wasn't bad enough to be unsafe to ride, but it needed immediate attention. He quoted me around $600 for a complete repaint with decals. He said that Waterford would run about $900.

The seller wanted $500 for the bike! Eventually he came down to $400, but I didn't buy it. Yeah, all the Campy parts might be worth that, but the bike was in really rough shape. It's sad to see a bike of that quality in such neglected condition.