Well this is what I started with and I had some parts in my stash box I also found a doner bike for the wheels and bars.. My wife picked her colors not me .. Haha before after
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First congrats on your vintage find. Also you have to have plenty of patience.
The dents on the fenders can be fixed and the rusty rims can be deep cleaned with vinegar or some type of rust removal. The seat can easily be recovered. But overall its a good project to re-store.