There's nothing wrong with an old 12 spd road bike. Get it to fit you as best as you can and ride the tires off the thing. Many of us on here have older, steel bikes that we love. As a matter of fact, around Portland, that's mostly what you see on the road, not newer high end bikes. I think it'll get you into shape, you'll have fun, see places, smell the flowers and grass on your route and come home with a smile.

Saying all of that, I do have a pretty decent alum road bike for the past few years, lower granny gear, smoother shifting and braking. I like it, it fits me beautifully, and I got it for a steal. (or I wouldn't have bought it) The priority is to ride and like it, not necessarily to spend $$$$ to ride and like it.

I've been eyeing up a few bikes at the goodwill near us. I think I may have my next project and a bike that wouldn't get stolen in a million years. My kind of bike.