I picked up this Panasonic bike this week, CrMo that I'm looking forward to using. I bought it as a ready to go bike, the rear tire turned out to be flat, I just changed that out. Does the derailer need adjusting, I compared it to my Centurion and looks off. Thanks for feedback.

It looks like it could use a tune up and some replacement parts. It looks like freewheel and chain, probably brake pads, tires and maybe some more stuff. Without seeing it in person and looking it over it is tough to tell. It is a big bike so I am guessing you are one tall person.

Description from seller:

"Early 80s vintage made-in-Japan Panasonic road bike with nearly all of its original components (except wheels, tires and cables). This bike is for a VERY tall rider, likely 6'4" or taller, with its 27" / 69cm frame. I had to measure it twice to make sure I was seeing straight, as this is literally the biggest bike I have ever seen. It has 27 1/4 x 28/35 Weinmann RM19 rims, gumwall tires in great condition, which I scrubbed to brighten them up. Shimano Altus groupset. I have retouched the paint throughout, derusted and relubricated where needed, and tuned whatever was needed."

Panasonic Bicycle Company History and Facts – Frugal Average Bicyclist

Here are the primary questions for evaluation:
Fit: a. How tall are you? b. Standing barefooted over the top tube, How far can you lift the front wheel before hitting bone in your crotch?
Mechanical: 1. When you push the bike forward, do the pedals turn?
If Yes = the seller did a poor job of maintenance. Probably needs an overhaul.
2. Does it brake adequately? The safety levers on most bikes were not good, brake from the vertical levers.
No = new pads
3. Does it shift adequately through front+rear derailleurs?
May just need a simple adjustment with limit stops.
(Maybe that freewheel's large cog is hard to reach with a short cage derailleur?, hard to tell from picture.)
Good pie plate rear wheel protection.

Lots of tips possible with clear driveside picture. Take it to Bicycle Mechanics for the best answers with fewest replies.

Thread moved from General Discussion to Classic & Vintage.

The seller said that he measured it out at 69 cm. I have a 68 cm Centurion that fits fine.

Pic from the interwebs.
Maybe the above blogger.

Not sure the weight of a rider for 69cm frame, but I would check the wheels. This is definitely a good application for wide tires. Not sure 27" choices (but there is a C&V thread on the sbject).

It was raining when I picked the bike up earlier. When I had a chance to check it out, problems became clear and seller said he would fix the problems. As has been pointed out: derailleur has issues, rear brake frozen, etc..

Your Sport 1000 looks good TLit . The dealership that I worked in sold Panasonic bikes. This bike was toward the lower end. It's a good bike. We sold a lot of Panasonics. If I remember right the tubing is straight gauge chrome-moly. Altus shifts well if all is properly set up and the chain is not worn out. That goes for any drive train.

Since being on BikeForums I've become more aware of chain wear and the harm that a worn chain can do. Check the chain. Look online for the various ways to check a chain. Brake pads can harden over time. For now it may restore some grip by sanding the brake pads. You may want to add brake pads to your list of thing to get. Everything else is check, lubricate and adjust as needed.

The Grap-On grip might be due to be replaced as well. Some people like them, since they do provide a cushioning and some don't. Are they foam grips? If you are going to use cotton tape, Newbaum's is a favorite around here. That is up to you.

I'm going to drop it back with the seller who said the winter was hard on the bike as it was under a tarp; imo being under a tarp for the winter may create humidity problems but nothing changes mechanically. So I hope he will take care of the derailleur, chain and brakes.