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Buying: is this car a disaster?

Hi everyone, I've finally got enough money in the bank for a Pantera in running order, but not enough for a concours example. I found one that I like, although many probably consider the absurd fender flares less than desirable.

It's in California, and I'm in the Netherlands, so this will be a long-distance purchase. The car presents well in Internet photos, but I asked the seller for pictures of the rust that I was sure was on it somewhere, and he delivered.

Now that I have the pics, I realize that I don't know enough about what the underside of a Pantera looks like to identify what parts have been affected, nor do I have the expertise to determine how serious a cause for concern the rusted bits are. I accept that I won't get a pristine car for $50k, but having been bit once before by a BMW 2002 that turned out crispier than it looked, I'm proceeding cautiously.

Here are the photos in question: https://imgur.com/a/s1BkRSY

Should I run away, and if so, how fast?
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