$300 Parts Bike? Thoughts?

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Just wondering if other people think this is a dumb idea or not. Went into the local Performance Bikes yesterday trolling for cool clearance parts, and saw this bike on sale:

30-2016-FOR-SIDE.jpg


Scattante is their house brand of bike, and some of them can get pretty pricy. This one is the Roma Classico, and although the price tag says the original price was $800, from browsing around online it appears they usually sold for around $400-$450, and are now discontinued. They have one with a few minor scratches for $299.

I know the picture isn't great, and the ones I took with my phone weren't that good, but it has some cool parts on it, namely a shimano 7 speed internal hub (and of course all the parts to make it work), 700C wheels and tires, a decent looking classic-styled seat and matching grips, fenders that are made out of flat-stock metal with very thin bar stock stays (look cool in person!), not to mention a nice looking aluminum frame and fork that I could probably get $100+ out of.

I don't think I could buy the parts I would use off of it for less. Seems like a lot of money for a parts bike, but maybe just because I'd be paying all at once. I need to take a few more measurements, but I'd like to use most of it to rebuild the 34 Colson I just got. What do you think? Heck, even if it didn't work out, I think I'd ride it as-is! Been looking for a new bike...
 
I looked at those a few years ago. That would be a great commuter/around town bike. I would leave it as is.
 
Is it a 3pc crank, too? If so, is it a cartridge bearing or caged balls? Is the steerstem 1" or 1 1/8", threaded or threadless? The answers will determine more of the value for you as a rider or parts bike.
BTW, I suggest you take your $100 est. for selling the frame and cut it in half. If you part it out and sell cheap stuff will move, otherwise you often sit waiting on 'just the right buyer', and, contrary to what we may get to feeling because of this forum, this is a niche market.
And, FWIW, only get it if you need the parts or really foresee needing them, or need a new bike (a case of 'do as I say, not as I do'), it is easy to rationalize a buy only to wonder why later :wink: .
 
the Shimano hub and shifter is almost $200 with shipping. If you can use a lot of the other parts thats a BIG bonus too! Plus it's all new stuff.
 
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