The good:
Cheap; bought it for $150 a year ago from someone on Craigslist, have made some improvements since.
Added a carrier rack to the back.
Added a new saddle, replacing the ratty old one that came with it.
Adding in the bike lock to sweeten the deal. It's a Kryptonite Kryptolok Series 2 Standard Bicycle U-Lock with Transit FlexFrame Bracket (4-inch x 9-inch) with 4-Foot Flex Cable.
Helmet can be added in as well, if you'd like.

The bad:
The rod holding the seat slowly slips over time, so if you feel yourself shrinking, that's the cause. New rod costs $15 according to the people at the bike store, but I never got around to replacing it.
The gears sometimes slip - it is annoying, but would happen to me about once a week. Shifting down and back up again would fix it.
Not a "famous" bike brand.
Currently located in Mountain View.

The ugly:
Back tire is flat, haven't gotten around to buying the spare to fix it.

This bike served me well as a commuter bike from Mountain View to Stanford for about 8 months. I'm planning to move in another month or so, so it's not worth it to me to fix the tire and buy the gear necessary for that. I've priced it lower because of that, but you'll also be getting the rear-mounted rack, the new seat, and the lock (which I really like) thrown in as well. Price is negotiable, depending on the interest I get back from this post.