francophile tricky So I took the wheel off and had a much better look at it. It is definitely the rim and not just the tire, but you're right in that the warping may actually just be spoke tension being out of whack. I don't know that a rim could actually bend like this, the curves are very smooth. Maybe I'm just lucky enough to have not seen on this bad due to spokes before. I'm finding it hard to get a better photo of this though.
The person I picked it up from had told me it was bent and I didn't look much at the bike then and it has been stored since.