>>1170915>Raleigh Reynold 501 and it has Shimano Exage groupset
Not super fancy but exage is good enough and 501 isn't gaspipe. Got any pics? You can also google any model of old bike and generally find old codgers sperging out about it online.
Condition is pretty important. Most things can be fixed but it all costs money and can be used to haggle (although the flip side is sometimes sellers will just give you a shit price if you criticise their bike).
check the line of the fork blades do not bend backwards from the line of the headtube (indicates a front crash)
check there is not rippling on the paint of the frame near the front of the top tube or just above the shifter bosses/shifters on the downtube (also indicates front on crash)
check there are no hairline cracks on the frame, especially around the dropout area
surface rust is not a huge deal but a lot of it is bad
check the seatpost moves up and down
check the wheels spin true (watch the brake pads)
no loose spokes
the wheels spin smoothly
the bars turn smoothly (headset bearing)
if you hold the handlebar stem & the fork, and shake, there is no play in the headset bearing
if you take the chain off the chainring (shift to inner then lift it off), does the crank spin smoothly (bottom bracket bearing)
another test is to grip a crank arm against the chainstay and pull, if it clicks, the bb is bad.
do the brakes work well, does it shift well
check none of the allen bolts are rounded
check the chainrings especially (expensive to replace) and the rear cogs (cheaper) have uniform symetrical tooth shapes, and not jagged points like sharktooths. Modern cogs do have different tooth shapes for shifting, but if something is worn should be fairly obvious by comparing different rings.
check the cables are not rusty with cracks in them
hold the cage of the rear derailer and check it doesn't have too much play in it (a little is normal for an old mech)