You love spending other people's money, don't you?Yes, it is worth the effort. Offer him $100-125 for it and grab it. $50 is too cheap, he won't sell it for that.
Anything 20 x 16 is a good bike, they are the most collectable, even in that condition. The seat and the shifter are hard to find parts, and those two might clean up fine.
You can always clean it up and replace the really bad part with newer stuff, or find things when you can at swaps or on the Classifieds here.
Go get it or I'm going to
Did you get the bike? Perfect candidate for unrestored rat bike. Disassemble, service, clean and leave the patina, put it all back together as is. Oil finish and ride it.
No money spent, didn't get it.
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