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There really is a lot of corrosion on the downtube around the 2 bottlecage bolts. Ideally this needs a full strip and respray if you want to do it right.
For now, I need to find someone who can extend the steerer so I can run a threadless ahead setup. Also scrape the paint off the problem areas, clean the alu, give it a coat of something and leave it like that.
Just picked up this 1994 Cannondale T1000 in the awesome Icelandic green colorway for €35. It has a lot of corrosion on the downtube, bit more corrosion on chainstays and other parts. The fork is rusty, 4 out of 6 bottlecage bolts are stuck and parts of the plastic cable guides are rattling in the frame.
Don't really know if I should invest time and money in building it up to a ratty neo-retro touring/commuter.