Hmmm...looks like I'll be learning some more in-depth bike mechanics. Thanks so much for the info. I emailed the guy to let him know I'd like to come back and look at it again (and possibly buy). I made him a low offer, so we'll see what he comes back with.

I have no idea how to repack bearings, but I'm hoping my friend can help me. I doubt this guy has the crank puller. He's not the original owner and expressed that he doesn't know much about the bike. Thanks for the tip on the brakes! They felt pretty squishy and useless, but again, I wasn't sure if it was because they have been neglected for so long.