ROBE30,
Right $50 is about $30 too much.
This sorta' points out the problem with buying a bike with an "adequate steel" frame ve Chrome Moly steel. The price for a bike in riding shape should be about $40 for a cheapo steel frame vs maybe $100-$150 for Chrome Moly. Unfortunately sellers of a nice looking bike-good shape, but with cheapo steel-usually want $70 or so because it is "vintage etc". For about double that, you get a bike with a frame-chromo-that is worth upgrading if you want to someday-and will be easier to sell someday.

Take your time-lotta' bikes out there. It is Usually best to buy the best used bike you can afford with no defects, or repairs needed.A good frame can be upgraded, no point in upgrading a plain steel frame(silk purse, sow's ear).
Luck
Charlie