I'm looking for a project bike I can do with my kids. I haven't had a bike in 25 years. Last bike I had was a small honda 450 2 cylinder. The price is very low and the bike is complete. I have not seen any pictures. The seller states there is rust in the tank and that the bike needs points, condensers and probably new fork seals.
What are some issues I should ask about or look for that would make me want to pass on this one? Is the bike worth rescuing?
CB 550 four maybe? I say do it. Only way to kill it would be to run it out of oil. If the block hasn't been vented I would adopt it.
A classic UJM. As exciting and as durable as an anvil.
The CB500 wasn't made for long, there might be a little bit of collectors interest in them.
Nothing really special to watch out for. It's a basic bike and very open and observable.
Probably not worth restoring. You could manage to spend a foolish pile of money buying all kinds of NOS replacement parts. But if you just get it ridable and use cheap knock off parts from ebay (mufflers, cables, etc) you don't have to spend much at all.
Rusty gas tank is solved with no muscle using a few gallons of vinegar.
Other than rubber seals and carb issues from sitting, about the only other issue is the cam chain tensioner.
Oh and the fuse box is a common point of failure/meltdown, but they're easy to replace.
Make sure you can source electrics. Things like stators can be fiendishly expensive.
The asking price is $750. I figure I'll offer $500 and see what happens. I see a few running bikes in the $2k - $3K range.
I know modern bikes are much faster and handle better. I just can't warm up to the look of them.
I'd love to build something in THIS VEIN
I owned a CB550F Super Sport for almost 20 years. I loved it.
I consider the capabilities of many modern bikes to be overkill. My 750 Katana is much faster than my 70s bikes and can handle better. However, I really cannot take advantage nor do I need its power advantage most of the time. I don't need to drag a knee to have fun in the twisties. I have more fun improving the performance of an old bike than simply buying a new bike. Heck, anyone can buy a modern bike. 
In reply to Woody: Very pretty!
I just found a running cb550 four for $600. I guess these are not as rare as I thought.
Is it a K or an F? I've also owned a CB400F and a 750F. Everybody loves those two, but I thought the 550 was perfect.
It was K. Gone in less than a day.
I'm looking at Yamaha XS650 twins, Honda CB450 twins, and DB550 fours. Anything ellse I should add to that list? What about the old Kawasaki bikes. They reliable?
I had a GPz550. It was reliable and scary fast, but the quality seemed to be a step down from older Hondas.
Any of the big four Japanese bikes from that era were pretty decent, I like GS Suzukis myself. Hondas were always the most popular so there are more of them around, and parts availability for them is typically better, but I wouldn't shy away from a Kawasaki, Suzuki, or Yamaha if it was in good shape and priced reasonably.
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