I more or less agree with Randy. Yes, it's a very basic bike, but tuned up I could certainly sell one for $100 here in NYC. If you like it and it's cheap/free and in decent shape, sure, go for it.
The thing that gives me pause is the crumbling tires. If the tires are crumbling, you can bet nothing else has ever been serviced, so it will likely need everything: tires, tubes, brake pads, brake & shift cables, bearings/grease in the hubs, bottom bracket and headset, and maybe a chain and freewheel. Having all that done at a shop will cost you a lot more than the bike is worth. If you have someone who can help you do it yourself, that will bring the cost down a lot.
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1964 JRJ (Bob Jackson), 1973 Wes Mason, 1974 Raleigh Gran Sport, 1986 Schwinn High Sierra, 2000ish Colian (Colin Laing), 2011 Dick Chafe, 2013 Velo Orange Pass Hunter