In a word...nope. The owner hasn't got a clue. A person 5' 10" tall could NOT comfortably ride that bike. That bike was designed for someone well over 6 feet tall - in the 6' 3" to 6' 4" range. Maybe taller.
Sold brand new for about the same price back in the early 1980's. Quote from owner, "...good breaks and shifts smooth..." The word is BRAKES - not breaks.
For around $400 you can get a brand new bike (you assemble) from Bikes Direct or other sites.
http://www.bikesdirect.com/products/road_bikes.htm
http://www.citygrounds.com/road-bikes/browse/orderby/price-low-to-high