Looks like the Olympic torch with flame to me...

I learned this lesson the hard way as well. Over the past year I've bought about 3-4 bikes I should really have passed on. I only recently got into this hobby, so I chalk it up to inexperience: the rusted-out English 3 speed that was missing its brakes and needed a new wheelset, the other English 3 speed that (like the Cavalier) had been spray painted blue top to bottom, and a Schwinn that was good quality and worthy of getting flipped, but I paid too much for it and didn't make much of a profit. All three have been lessons learned. I ended up donating both of the 3 speeds without putting any new parts into them; the Schwinn I was able to sell, but just barely. It's becoming clear that there are a whole lot of bike flippers where I live; when i check CL I'll often find several groups of ads that are clearly multiple ads posted by flippers. Most of the time, it's just hugely overpriced junk. It's discouraging, especially if I have the itch for a new project.

Biggest mistake I made was picking up a bike in the alley for nothing. A decent Fuji hybrid. It was a high mileage poorly maintained POS. Lost about $20.00 on it. It was the only bike I've ever sold that I worry about running into the buyer. Should have stripped it for parts. Then thrown away most of the parts.

The bike is a "Liberty."
Look at the headbadge.

Look familiar?

I resisted this Giant at the Salvation Army parking lot sale for several hours, but upon the 3rd visit that day wound up taking her home. Price $17.50. I'm hoping for $80-100 after a front tire swap (the one on there had spots in the sidewall you could see through, and I have a 1.95 on another bike I want to replace with a 2.1), pie plate removal, rear hub bearing adjustment, freewheel lube and cleanup. The bars/stem are heavily oxidized, I might hit them with some Turtle Wax polish.

Thank you, the image I downloaded said Liberty torch, someone's mind was in the gutter

After I saw how the rack looked so off level in the photo I couldn't leave it that way so I went out and spent another 45 min modifying the brackets to make it look and fit a little better but hard to tell in the photo.

I wouldn't have had to think about it. I would be thrilled to find something like that at that price at our thrift store, unfortunately our local thrift store thinks everything they get is gold plated and I can't understand how they are able to stay in business.
I saw a couple of bikes there last week ( right after my wife asked if I wanted to stop there and I told her no they're too high priced ) one was a beat to crap Huffy mountain bike and the other a woman's Jamis Earth Cruiser that was cosmetically challenged and needed tires,seat and a total service. The price $40 each. I went in and talked to the manager and made an offer of $30 for the Jamis and without missing a beat he said no, I couldn't believe he said no but then again a thrift store that wants .75 for used Hotwheels/Matchbox cars when they are a dollar new, I should have expected it. The funny thing is my wife found something she wanted after looking around for a few min and I am sure if she spent more time looking would have found some more crap so they lost out on other sales over $10 off a already high priced bike.