This is an unrepaired Vintage 1957 Schwinn Corvette in opal blue.  This bike is missing only the original front rack and front light.  All else seems original.  The corvette will definitely need a tune-up as all the cables are loose and out of adjustment (brakes and rear hub).  Wheels are mostly true and seem in good condition. 

Definitely a rider, and with the ok paint, maybe something more.

The paint is ok, except for the numerous scratches and wear points.  The blue is even mostly shiny.  The seat tube decal is scratched off, as well as the chainguard decals.  The top tube "Schwinn" decal, on both sides, is worn and fading though and rough.
Fenders are stainless steel, but still have some dents and dings along with some scratches.  They look ok, but not fantastic.

Overall, with some work, this would make a great rider.
Built in the 3rd week of March, 1955.
Serial number dates to both a 1955, and a 1957.  Sturmey Archer hub dates to a 1957.

Measurements:

Seat Tube  -19"

Top Tube - 22"

Stand-over Height - about 31"

Specifications:

Seatpost - original straight post

Saddle - original Schwinn vinyl blue and white seat, very rough, but is original

Stem - original quill stem but ok chrome

Handlebars - tourist style bars, about 17" wide, original white pistol style grips (teardrop Schwinn logo) in good shape and usable.

Brake Levers - Aluminum Weinmann caliper brakes, front and rear
brakes - Schwinn Approved weinmann long arm caliper brakes front adn rear, good shape, work well

Shifter - Sturmey Archer 3 speed lever

Crankset - original 1 piece drop forged cranks with 4 circle design chainring

Pedals - original oval pedals, rough shape and worn

hubs - Sturmey Archer 3 speed AW rear hub, Schwinn front hub
rims - 26" x 1 3/4" S7 rims, steel, rusting.  Need cleaning and truing

tires - both hold air, but are worn.  Rideable though

Serial #R46069

Reference #77384