To the OP.....sure it's a cheap bike, it was made back in the '80's at the latest. Old style brake levers, downtube/stem friction shifters, loose ball bearing spindle bottom bracket, weak brakes at best, spin on freewheel on the rear wheel---no cassette--and on and on.
Could be useful as an around the block rider, but that's about it. Most of the components, when they wear out, will have to be replaced with newer stuff, unless you like living with the bottom-feeder heavier than crap junk that's around to fix those oldster bikes.
Personally, for a neighborhood bike, I'd do what was suggested before and look for a rigid mtn. bike or hybrid. Better riding position and the probability the parts are much newer.