I'm picking up this baby tomorrow. My daughter wants a trail bike now, I plan on waiting her out to eventually turn it into a 650B tourer. We old people plan for years down the road.
Can you tell the year by the color scheme?
Right now the plan is to, well; for starters fix that rear tire. From there the usual servicing, rewiring, upgrade the drivetrain to 8 speed cassette (should have a 7 speed freewheel), and more likely than not drop bars on a nicer stem with bar end shifters.
Then I wait. Muahaha...