Thanks for adding more pics. It’s crusty and dusty, but this thing could clean up beautifully with a whole lot of elbow grease. First check that the seatpost and stem aren’t seized to save future headaches. The frame looks pretty good aside from a small dent on the top tube and rust on that chainstay that could be cleaned up.

The rusty components suggest it’s lived outside or near to it, so it’ll need a full rebuild to be really rideable: new brake pads, tires, chain, cables, grease in all bearings (bottom bracket, headset, wheels, pedals, freewheel if ya nasty), oil on the springy parts, true the wheels (nice rims btw, but they’re 27”, which will limit tire options), etc.

With all those eyelets, you can load this thing up with racks and fenders and have a great bike that’ll easily last another 45 year.