1988 schwinn prelude w/ columbus tenax tubing
 

What's a fair price to pay for this bike? The frame is in decent shape but components and wheels all need to be replaced. Thanks

$75 or so

all the components need replaced? didn't alot of those come with 105? it can't be that abused. I recently aguired one for a large bottle of Bombay Saphire everything but the rims on this one seemed in great shape. a little turtlewax and elbow grease later it went out the door for 100. and the new owner was very happy with it, knowing the wheels were likely to need replacing

75 or so seems good to me too. On account of all but the most sought after frames can get 50 to 100 based on a whim of a buyer or luck. You state wheels and all..... need replacement so assuming that nothing's salvageable, it's a VG deal at less than 100. If a crang brg., h.set, stem, post etc. is fine.. better still, it's that much less annoyiong cost. Schwinn lost $$ when they sold those bikes.
I would though, consider more if the frame's perfectly right fo you; size, appealing in color or just that you're curious to try out this bike. tempos were under priced and under valued then and now. In wt. and build quality along with being Col. tubing, it compared favorably to bikes equipt with just above mid-level components. The frames worthy of better as it can easily be built-up to a twenty pounder, less is actually more than just possible given the selection of wheels & groups these days.
I never know how or why members wish to aquire appraisals in these forums; are they selling or plan to flip it, are they looking for a great bike. If it's the latter, I would pay 150 to 200 just as soon as pay 3 or more for and Italian bike frame or a Bridgestone frame. Profitting.. ?? not sure.

+3 Frameset itself if paint and decals are in good shape: $75.

+1 Are you sure components and wheels are toast?

I picked up an 87 Prelude for $50. It had rust, two dents, rear wheel with a busted spoke, broken Shimano SIS shifter, torn seat, pitted cones within front wheel.
I think I paid on the high side given the Boston market at the time.
YMMV based on how desirable you deem your sample.

I bought it for $60. Frame and stickers are in great shape. Will need new cables, chain. Rear cluster is rusty but looks like in good condition. I'm debating whether I should just turn it into a single speed.

Those old Preludes are nice bikes. If I could find one in my size I would jump at it for $75. There is one for sale locally for $175 and it is worth it considering the local market.