Not necessarily... lots of nice bikes for cheap.I am starting to think your right. I'll have to freshen it up with chain, bearings, paint, tires.... Still looking...
Heres one thats a bit spendy but a good idea of a bike (I think its too small however):
http://sarasota.craigslist.org/bik/3725652018.html
excellent:
http://sarasota.craigslist.org/bik/3721845224.html
just make sure there steel