older bike, for sure. I have an old Schwinn Woodlands (late 80's?) mountain bike that has a super upright ride, I paid $30 for it, could have ridden it as it was but the guy I bought it off decided to spray wd-40 all over the chain and in the bearings!!! I could smell it! Anyways, I bought it to restore, so I re-painted the frame, all new cables and housings, new chain, fenders and a rack. Now I have a great beater bike that is not flashy, no one would steal it to sell it, not worth much. It is just a 10 speed though, so gears are limited. But, I have less than $90 into it. The wheels, with new grease, spin so smoothly, too!
Craigslist is a great place, lots of older bikes on there in good shape that might need nothing or might need all new cables, chain and normal wear items. Lots of old steel bikes around $100 in good shape, old trek's especially popular in my area.