So this was bike bought from someone a few towns over. It was being sold cheap so we picked it up with the intent on rebuilding it up properly.
We had a buyer who wanted a bike with a red/white color scheme so this worked out perfectly. We overhauled, used a redished 27inch wheelset, added new tubes, saddle, tires, brake lever, and handle bar wrap and used a 52 tooth chainring with a 17 tooth freewheel.
Very simple, clean, and light bike. The buyer was pleased.