New tires, tubes, brake pads & bar tape. Clean it and lube it. Ride it and see how you like it. It's not a great bike, but it looks like a decent grab-n-go about town bike. Don't bother with paint. If you don't like it, sell it. Worst you'll get is practice.
I am just finishing up an old 10 speed that sat in somebody's back yard for about thirty years. I spent about $32.00 on the above items at the local swap meet.