I think I am going to go for it since I really do not have the cash for a new bike. In the spirit of keeping this frugal I think that I will put a 3 speed hub on it rather than the 8 speed. I will ride it for a couple years and then if I still want a new bike with an 8 speed hub I will consider getting one and use this one as a spare in case of a flat.

I can't seem to find a 27" 3 speed wheel online. I must be putting in the wrong search terms since I keep getting a 26" wheel from Niagara.