The owner bought it used for $170. After a couple of years he had to store it in a bad location, so it rusted. It also suffered from the attention of a mechanic who did not understand crank tapers or chain line.
Wisely, the owner now uses it only on a trainer. He brought it in because the upper derailleur pulley had broken. Given the rust I can see under the spray-can paint job I'd say it's not worth investing in much more than the absolute minimum to get it back to basic functionality. It's a shame, because the frame represents that rare breed, the sporty general purpose road bike.
Here's the crank Velo Orange has knocked off as the Rando. Their version has JIS tapers, so it matches currently available bottom brackets. The original here has been stuffed onto a JIS axle - nutted, no less - that's wildly too long. The straight chain line runs between the small ring and the 14-tooth hardest cog on the five-speed freewheel.
Other period details include the nadcatcher stem,
It's always fun to look at a bike from the era of white frames with black lugs. It was a thing. And as much as I bitch about compatibility issues these days, the ones between the various European countries and companies were definitely more esoteric than the straightforward corporate warfare of today.