No back brake, is it a fixie? Rims appear to be aluminum, which is good. Free Spirit was a department store brand, I don't recall who sold them. I don't think I'd pay more than $25. In fact, unless that brake works a lot better than I expect it will, I wouldn't ride it. I like to be able to stop.
Well, since you're asking about this particular bike in a mountain bike forum, I'd say it's a bad idea.
However, if you just need a beater to get around town, it looks fine. Single speeds are very low maintenance, which makes them fairly practical commuter bikes. Fresh rattle-can job and it would look nice and sleek, but I'd try to talk them down a few bucks anyway.
EDIT: Good eye Rufudufus. I never noticed the brake. If it is a fixie, that's fine, but I'd be hesitant to recommend such a bike to a beginner. Fixies are great, but you really have to have them set up properly, and if that IS a fixed-gear conversion, the price suggests it's not a quality build.
Free Spirit was the Sears brand, I used to sell em. Most customers asked what kind of bike I rode, fully expecting me to take them over to it on the floor. Well, um, yeah.. at that time I was riding a Manitou HT.
On the bright side, the "Just Riding Along" warranty questions were great.
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