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Elgin girl's bike identification?

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Kstone

Wore out three sets of tires already!
I'm full of questions today.
I'm unsure of the years, so my apologies if I'm posting in the wrong section.

What is this bike? Thoughts on the year? Color? What a complete one would look like? Value perhaps? I have limited funds and limited room in my single bedroom apartment to take on any bikes, but I can't get this bike off my mind once I found her.

00Y0Y_3sEkO1BH58h_600x450.jpg
00B0B_5vQaXaEt5eW_600x450.jpg

I've seen this chainguard before but never on a bike and it has always intrigued me. I tried looking further into what this bike is and what she should look like. I found something on another forum of lots of back and forth about the maker of this bike. Apparently a similar one showed up at a Goodwill unbadged.

http://ratrodbikes.com/forum/index.php?threads/puzzle-bike.16769/

Just curious if anyone had any more details on her? Is this an original paint job? They seem to believe on the other forum, which I linked to, that their yellow bike was not original paint, but with this one popping up, perhaps it is? Is the back fender supposed to be laced as I've seen in others this age? I'm unfamiliar with the actual name of the 'lacing' though, so my apologies.

I kinda want to spring on her and buy it. It's something that I can afford and she's curiously unique. Just wanted to procure more information so I have some more understanding of her.
 
I now realize I mistook original red paint under her for rust, originally....
Who is the bandit running around painting these bikes the same yellow color.
 
Oops, almost forgot...Welcome to the Cabe!
Awh, shucks. Thank you! I took myself off social media in December and put myself on here to help get advice for my current restore project. I've been learning so much every day since then. Love it here! I'm hooked and my bank account is in trouble! Hehe.
 
Its been for sale for a while. The price is low but so is the value. I would only recommend buying for selfish reasons, i.e. so that it no longer turns up on my internet searches.
 
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