Schwinn Varsity Overhaul

I recently got a nice old Schwinn Varsity that needed some serious restoration work. I basically did a full mechanical overhaul on it, repacking every bearing with fresh grease, cleaning the cables and drivetrain, and retensioning the spokes. I also took some pictures in case you're interested. First I removed the handlebars, brakes, fork, seatpost, wheels, pedals, chain, and cranks:

Yes, I'm using an old exercise bike as a stand. After cleaning out the dried up grease (more like dirt) in the headset cups I reinstalled the fork and shifters:

 
That solid steel fork weighs a ton by the way. Next I put the handlebars and saddle back in (I made sure to grease them first) so I could work on the bike upside down:

You don't want to do this on old road bikes if the cables stick out the top of the brake levers since this will kink the brake cables. I took the cables out though, so in this case it's ok. I then cleaned out the bottom bracket cups and reinstalled the cranks:

That solid steel crankset also weighs a ton. Next I repacked the wheel bearings with fresh grease and replaced the torn up rim strips underneath the tires. Here are the wheels back on the frame:

It's starting to look like a bike again. I then reinstalled the pedals (those needed a ton of oil in them to make them stop squeaking) as well as the chain (which I soaked in detergent and then motor oil). I also reinstalled the front derailleur's cable, which was caked in grime and wouldn't move:

Finally I reinstalled the brakes after replacing the frayed rear cable:

 

Here's the completed bike again. I will replace that dry rotted rear tire soon, but for now it rides great.