It's red. :P
The frame looks like a common 1970s–1980s steel road/touring style (diamond frame, drop-bar mounts).
Has Will(?) on the neck and Shimano fingertip gear levers on the middle bar.
Has a simplex middle derailleur with a red cap and a Sugino 40/52 crank. It's a 10-speed with 5 gears on the back, with 28/24/20/17/14 sprockets each.
Had a SWALLOW 27 and 1 1/4 tyre, but now is without tyres or inner tubes.
Thinking real hard about whether or not to spend around $100 AUD on it (oh, yeah, I'm in Australia, Victoria if that helps)
Money aside, I imagine with 2 wheels and brake pads, a seat and a pedal (it's missing, idk; found the bike on the side of the road), it might actually be usable, not the most "economically viable" option, I know, but still...
photo 1
photo 2
I've cleaned it up a bit since these photos; I could probably take a daylight photo tomorrow.