I love these older lugged frame usually 10-12 speed bikes. Already have great center pull brakes. Looks to be a Simplex type of front derailleur. Not sure how they were. Good hubs but steel rims probably 27" x 1 1/4". Myself I put on riser upright handlebars, aluminum rims and I have a 27" wheeled bike and a 700c conversion bike at home setup from these older bikes. I change the rear hubs to 130mm by cold setting the rear forks and use cassette hubs to get away from bending rear freewheel axles. These bikes are fairly light and easy to pedal fast. Good luck if you get it. Oddly the 27" wheeled bike is used a lot on gravel. I was surprised at how well it does on gravel. Not perfect but not bad either.
