I had been looking for a bike to get around my local city and managed to snag a Huffy cruiser for $50. It is in decent shape with only some superficial rust on the pedals. This will be a big learning experience for me as I haven't ridden a bike for nine years. I'll both learn how to use a bike to run errands and how to do some of my own maintenance. Maybe even customize it a bit by adding a frame lock and a 3 speed gear hub. I guess we shall see how far I get in this learning and fitness quest.
My advice: replace the pedals to deal with the rust issue, and whatever you get for replacement, try to get those with reflectors. And please install front and rear lights and a bell or horn.