Re: What model Schwinn is this?
That's easy-peasy..... it's a Tornado from the late 50's or early 60's. The twin bars that end at the seat stay are a dead give-away. If it's all original, it should be red, have a Komet coaster brake and cream colored painted rims.
It's a cool bike, but they aren't overly pricey. I'd guess a range of $50 to $150 depending on location and condition.... or maybe a little more, given the popularity of old Schwinns nowadays.
If you are going to restore it, be aware of the tire size: It's a Schwinn rim that does not take standard 26" tires. ( I think it's an S-7, but don't quote me on that. It might an S-something else. It'll say on the rim near the valve hole. ) The tires are available though, both on EBay and some online vendors.
OR if you are going to fix it up to ride, standard 26" wheels off any modern cruiser will work.
It's a great find! Good luck with it.