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@RonnieOatmilk
I don't think it needs much investment at all. Probably only new bit you possibly NEED is a chain, but only if this seized. (and maybe brake cables). Those cassettes will last longer than the earth. Tyres/tubes only if they don't hold air and the tyres cracked.
If anything it just needs a thorough clean and rust scrub. Then lube the chain.
At a real push new wheels wouldn't hurt, a set of super cheap 2nd hand one's in reasonable nick.