nice buy.

nice man beautiful, beautiful ride.

Well the frame looks great

The bike is older than 15 years old. This looks like a bike from the early to mid 80's. No way is it early 90's...especially if those components are the originals. Is it a 6 or 7 speed in the rear?

Anyway...go to WalMart and get you some Maas Metal Polishing Creme. Use it on your chrome, brakes and other components. It will work wonders on that bike. Apply, polish, and re-apply until the metal sparkles. It will take several applications. You can also get some rust remover that might help take off some of oxidation. A little scrubbing with a wool pad will help...but go easy so you don't scuff the chrome. I might consider spraying the surface of your scrubbing pad with WD-40. Clean the chain and sprockets with a good degreaser...then apply some lube on the chain. Of course give the entire bike a good bath with lots of soap and bubbles. Next, you will probably need a tune up, and perhaps a new set of tires and tubes.

I think that bike has a lot of potential.

It's a 7 speed in the back.
I've already got tires in mind...Michelin Prorace 2, but red.

Yeah, I used some Simple Green to clean off the front wheel's bracket, which took about an hour. And I also scrubbed most of the rust off of the quick releases.
I'm probably heading over today to go buy some chrome polish, and I ought to get some rust remover as well.
When it's all said and done, it should be a shimmering bike with outspoken red tires, bright white bar tape, and a seat to match.

I so called that.

Gorgeous.

And you can get the rear dropouts respaced to 130mm. Steve Rex did my Caldaro and it is perfect.