The one I'm looking at is brown, with the decal style similar to a 69-70 Sports model but with 27" wheels, and a 23 1/2" frame size.
The same seller has a black one just like it, both have 1969 dated S5 hubs.
The fenders look like the round top fenders used on a rod brake model, but in dark brown metallic.
At first I was taken back by the price but after looking on fleabay and seeing what a few S5 hubs and shifter belcranks sold for there I see where he came up with the price. The worst thing about the bike is that its been sitting and its got the typical rust issues. Nothing structural, just rusty spots all over the fenders and on all the hardware.
I'd sort of just assume it were a three speed, I've had a few S5 bikes in the past and really never saw the need for the added two gears.
If it were cleaner, I'd have likely just forked over the cash because it fit me but the rusty bits just looked like too much work and if its a made up combo, I might as well just build one myself from an old clunker.
I've considered building up something similar with an AW hub, a pair of wider alloy 27" rims and an old road frame but all the road frames I've got lying around are for 700C wheels. Also, finding 32/40h rims might be tough too.