paging and all others who are experienced with bikes.
posted in here a while ago inquiring about cheap bikes (I'm broke). Obviously if I want a cheap bike that isn't a piece of trash, I'm gonna need to buy used/vintage. Better yet, I'd prefer something that needs a little work. It'll give me something to do for the next 2 weeks before I go back to school.
I found this guy up on craigslist.

Vintage 1974 Schwinn Collegiate for $60. Needs tires. Gonna try to talk the seller down to ~$40. I know Schwinn's nowadays are junk, but I'm hoping they made better stuff in the 70's.
Seeing as I'm only gonna be using this to get to class and friends' places at school (all less than a mile away), is this a good idea? When all's said and done can I walk away with a decent bike for under $120?