Sounds like you got a great deal, Han! Raleigh's, no matter their build, are pretty durable bikes. Don't be put off by any repairs. If the bike was made in the 90's, I would hazard a guess that you are dealing with original tubes. Replace those. Also, if the tires are original, they may need to be replaced as well as dry rot can be a problem with rubber breaking down due to age and exposure - even if the thread looks like new. Be careful of using too much WD40. Only grease made for the pedal shaft should be used there as well as within the actual wheel axles and bearings. WD40 can cause that to break down and the parts to wear faster. Use it only on the surface rust and immediately wipe it off. Don't get on rims or brake pads. You can likely replace the reflectors from kit obtained from Walmart for cheap. As for the brakes, the cables, if not broken, can be easily reattached and, with a little effort, adjusted. Same as with the tires, the brake pads are subject to dry rot being made of rubber, albeit a little harder. They should still feel like rubber. If they feel more like rocks and have small cracks, replace them. Finally, if you will be riding at times in the dark, do yourself a BIG favor and install LED headlight and flashing wheel and tail reflectors. A helmet, while no longer required in most states, will save your life. Get one that is light colored, reflective (I have even seen them with a flashing LED attached to the back for better visibility to drivers) and a reflective vest is not a bad idea either. Sure, you may look like a dork to some people, but you will be LIVE dork!