Originally Posted by Velo Mule

For sure that has steel rims. @rwh63 clean it up refresh the grease in the front hub and the bottom bracket and put a squirt of oil or two in the rear hub. The ride it. While the Eurosport isn't high end, it is a good bike. As @thumpism said with the three speed is is a good combination. I believe that the Allentown made bikes are better than the earlier ones made in Far Rockaway, NY. Some people say that the NY made frames have rust problems because the factory was close to the water, which is true. But when Ross moved to Allentown they also got more serious about making better bikes.

Fenders were so out of style at the time, (I'm thinking '80's) that bikes that did have them seemed to have kept them short. Or perhaps they were just saving a few cents a bike. You could put leather flaps on the back ends of the fenders to get more coverage.

Sheldon Brown was not a big fan of the Shimano three speeds and I believe that may be based on earlier experiences. In my opinion they got better, so by the '80's it should be pretty decent. It will never have the parts availability of Sturmey Archer, but as long as it is still working, you are good to go. I hope the shifter works properly, they are getting expensive. They are simple too, just a ball for the detent with a leaf spring. The problem with them is the plastic cover.

Good luck. Ride the heck out of it and post some pictures when you do.

P.S. I like your Colman lanterns. Red, is that a Sears or other brand made by Colman?