Definitely go for the offer of an inspection, there is some serious rust in that car and it's usually the iceberg syndrome, there's far more non visible!
Even though your budget is limited, IMO you are going to spend $$$ and time to get that car anywhere close to reasonable and I haven't even seen the top side or interior.
$50K goes a long way and if you wait there are still some good buys of driver cars to be had, plus the longer you wait the more money you can save up.
Julian
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