Do it. Learn how to fix up a bike on this. Even if it does not become your main squeeze you will learn enough that you will make good decisions when you elsewhere which will save you a ton of cash. In my experience fixing up my old Raleigh was great. The Peugeot still looks great you can respray white and get replacement graphics. The cogs, cranks etc are pitted but you will probably swap them out. Do a good job and you will love that bike for another 25 years!
Do it. Learn how to fix up a bike on this. Even if it does not become your main squeeze you will learn enough that you will make good decisions when you elsewhere which will save you a ton of cash. In my experience fixing up my old Raleigh was great. The Peugeot still looks great you can respray white and get replacement graphics. The cogs, cranks etc are pitted but you will probably swap them out. Do a good job and you will love that bike for another 25 years!