This will be a pretty lengthy submission, so I apologize in advance.
This will be my submission for this year: a Trek TX700 that I picked it up last year. I initially tried to haggle for a lower price but the seller offered to throw in an extra wheelset, which turned out to be a set of Weinmanns laced to some very rusty Phil Woods. Sold! Upon bringing it home, however, a few issues became apparent. The rear rack had a large crack in one of the welds, and the chain jumped around for some reason. I was pretty ecstatic with my find at the time, so I ignored the shifting issues and discarded the rack, wheels, and a couple of other components that were on the bike. I then left the TX700 to languish in the backyard shed until I decided to pull it from storage a few days ago. Nothing much has changed, except that the hoods disappeared somehow and the bar tape has disintegrated a bit. Now that it's on the work stand, I can finally get some photos in and see what's wrong with the Trek.
D/S photo. SR crankset and stem, Suntour VX drivetrain and barcons, Weinmann Concave rims and 1st gen Phil Wood hubs.
Massive 34t freewheel paired with a racing crankset. Weird combo.
I think I found the cause of my shifting woes...
No bike of mine is complete without a bit of rust.
Wheels attached with skewers from a similarly esteemed American manufacturer.
Remnants of the Reynolds 531 decal.
Aside from the chain, I don't think I'll be doing a major teardown until after the TX700 completes the challenge. Most of the components are sealed anyways. I think I'll turn this into some rando or sportiff bike within budget. I've also got a lead on some vintage Blackburn racks that I'm checking out today. Fingers crossed this clunker will be able to survive the challenge.