Went to go look at this today, as it was only a couple of miles away. Turns out it has 24" steel wheels, broken shifter cables, and the top/down tubes are humped - it hit something head on hard enough to bend hi-ten tubing.
I offered $40 to the teenager that was selling it just be generous, but he turned me down.
http://sfbay.craigslist.org/eby/bik/1410007013.html
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"Love is not the dying moan of a distant violin, it’s the triumphant twang of a bedspring."
S. J. Perelman