Color Flow
I have four of these Color Flows. The one you have pictured looks like it will need extensive restoration. That bike is worth maximum $200.00 IMO.
Also, it's hard to tell from your picture, but it looks more like a '52 or '53. Below is a picture of my '51 that I fully restored. The 1951 and earlier had the two
vertical sets od truss rods like mine pictured. After '51, they had one long set of truss rods and a smaller one horizontally attached to it. Also, after '51 they didn't have the J.C.Higgins
chrome name plates on the rear rack. Once restored, these are very classy looking bikes.
Good luck with whatever decision you make................Wayne