sssarahhhd

I just picked up a 1977 Schwinn Caliente at a thrift store. I probably would have just skipped on it as it needs work and I am a relative newbie, but I just so happen to have decided to venture back into two wheeled life after some time and it happened to be my size. I had a beautiful champagne color 1969 Motobecane about 10 years ago - RIP - and was looking for something similar (European and pretty - what can I say, aesthetics are important to me!) but just happened to run into this thing for $59.

I looked up the serial number and got 1977, Chicago made. From what my newbie eyes can tell it needs basic stuff like new tubes, shifter cables, and there is definitely something up with one of the suicide levers as it keeps sticking and the brake cable seems loose. The original handlebar tape was nasty so I took it off, and obviously that will need replacing as well. I'm realizing that all this work is going to add up, but to how much? More than it's worth?

Wondering if given the work I could flip this thing and for how much? Additionally, if I do keep it that blue color is not very caliente to me so I am inclined to have it repainted which I realize is controversial. Is this bike too cool to paint over? The Schwinn decal on the tube is completely worn off and there are a handful of rust spots, but I realize you really lose the context of the bike when you paint everything. The star decal and stripes between the crank and seat post would be lost if painted, unless there is some magic way to put them back on.

Just trying to figure out what I want to do with this thing, any insights and thoughts are appreciated!