Is this a custom paint job?
 

Either that or the pump was painted to match.

Cool combination of colors.

Could be, need more pics, looks like it should say TREK. ;)

Does not look factory to me.
graphics certainly are aftermarket

^^^^^Yeah, though the components seem period at least. Definitely need some close-ups, and perhaps a list of the components...RD, FD, shifters, hubs...crank is likely a Nervar. I like the wheels, though.

I am 90% sure my limited knowledge believes it was a repaint.

It was popular for us builder/painters to match the bands on the frame to the pump in the 80's. When 2 sets of water bottle bosses became popular and as a result Silca frame fit pumps became less popular, this treatment went out of style. It used to be common that we repainted steel frames all the time. It was part of regular maintenance.

It has Suntour derailleurs and a Suntour Perfect freewheel. I doubt those were original. The DT shifters are Simplex. The rear wheel is a Weinmann Concave rim with an alloy hub and the front wheel is a cheap steel hub laced to an Araya rim. The brake levers are made by Universal and the calipers are made by Weinmann.

Here is the only other picture that I have of it.
https://cimg7.ibsrv.net/gimg/bikefor...1b01488728.jpg

Because of the matching pump, almost certainly custom, imo.

Unless the crankset is a vintage three arm Sugino Maxy, that would have to go for me. Cotter pins and I do NOT get along.

If the derailleurs are SunTour VX/Seven then you already have gems.

I am interested to see what you do with this little one.