Early Bontrager Race Lite

Looks like it’s one of the first batches, still carrying some of the features of the OR (dropouts riveted seat stay and cable guides) - great find!

Interesting with the down tube bottle hole placed under the tube?!

Looks almost mint - has it been repainted?
 
Not been repainted no, if it has then it’s fooled me. Yes the bottle cage mounts under the down tube are really odd. I don’t know enough about these to know if that’s normal or perhaps a custom request at the time of it being built.
 
That's really nice.

Quick question; were the original decals a thick vinyl type? I know that they were 'designed' to be replaced easily.
 
I will need to warn you I’m not sure what direction I’m going with this one. Thoughts are 3x8 traditional mountain bike with period correct groupset, black components possibly first generation Rock Shox as a tip of the hat to Keith’s contribution to the birth of bicycle suspension. Second option is a monstercross type build maybe 1 by or 2 by 10 with a velo orange cigne stem with WTB RM2/3. Welcome ideas, this is a blank slate so no catalogue spec here.
 
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Synching on for the updates too...

It seems to be very lightly ridden so a very nice find.

Also, it's cool to start with a bike and let it somehow take its own direction from the parts you have available and ideas you have seen on line or around.
 
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