Newbie needs help buying a bike!

I'm a college track and cross country athlete who is looking to get more into some road biking as well because I've had a lot of injuries, and biking is a great alternative for a workout. My rusted out mountain bike won't do, though! I can't afford a really expensive road bike, but I want something that's nice. I'm not planning on racing, maybe a triathlon eventually, but I want something that can handle some good training rides.

I found this bike on Craigslist and was wondering if it was a good price and a good bike to start on.
http://richmond.craigslist.org/bik/4459652960.html
The only road bike I've ever ridden is a friend's vintage one. It felt amazing, but I'm also comparing it to an old mountain bike. Also, I'm 5'10", I think 58 cm would fit me?

Any help or advice would be appreciated!! Thanks!

 

First. 'I' generally think that frame sizing is often a cosmetic issue ...

BUT, I reckon that you will be much happier in the long run if you choose a bike which has a 56cm frame (i.e., a frame whose top tube is ~56cm) . ​

A 2001 bike? Well, despite the "blue book" value, you can possibly find a comparable bike in the right size (for you) for closer to $200-to-$250 ...

And, that 2001 bike may as well be a 1998 bike because the frame undoubtedly has a 1" head tube size (yes, that's probably getting-into-the-weeds ...) ... ​

BECAUSE. for $350 you can probably buy a 2011 bike WHICH IS THE RIGHT SIZE with the same level of components ... possibly, sans the aero-bars, but there is a lot of variability in aero-bars AND those are probably not the ones which you would want.