Sounds like a great bike for a great price.
re: group rides, just because something is called a triathlon bike doesn't mean you can't use it for other kinds of rides.
What are your concerns about 650 wheels? Yes, they are often used on smaller bikes to solve the toe-overlap problem, but performance-wise as I understand it the difference is miniscule unless you are an elite rider. There are some taller riders who prefer 650s for various reasons, too: they're lighter, accelerate a bit faster, etc. You can probably find some more in-depth threads on that question if you run a search here or on other cycling and tri websites/forums.
To qualify my response to your questions: I'm short, have 650 wheels and love them. Haven't yet done my first tri, and my bike is set up more for touring rather than racing, but at the moment it is the right bike for my needs and probably for a few goals that I haven't set yet.
Good luck!




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