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OK, first off let me start by saying that I have absolutely no idea whether I'm imagining two scenes from different movies mentally lumped into one movie, or if the two scenes I'm thinking of actually belong in the same movie...LOL! I saw them on VHS in about '86 at a school 'lock-in' (an overnight sleepover at the school).
In one movie there are these kids/teens playing a game in the innercity that I think was called "Christopher Columbus". I think it involved capturing a flag or something...kinda like hide and seek between two (or more?) 'gangs'. Not really rough kids, but breakdance-type gangs...LOL. They wore the typical breakdancing gear - bandanas wrapped around their legs, sweatbands on the head, Chuck Taylor sneakers, very bright colors...
The next movie (or maybe the same movie?!?) there are a bunch of kids/teens that find a big old white house in the middle of nowhere, really run down, abandoned, etc. They spend all their waking hours fixing it up, painting, repairing floors and stairs, etc. I seem to recall that a sheriff kept driving out to the property to keep an eye on them. They eventually turned it into some kind of dance club, with a big neon Pegasus on the top (or front) of the house. I think the Pegasus may give some clue to the title? There might have been something in the plot about having to raise money to keep something - maybe the house they were restoring?
Sorry I can't give more info. I was about 11 at the time I saw these, close to 20 years ago! Thanks for any info you can give! This has been driving me NUTS for years now and even my friends think I'm obsessed!
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HAHAHAHAHAHAHA! I actually answered my own question After years of internet searches, I guess I finally plugged in the right combination of words. The movie is (and yes, it *was* just one movie)...