On a more positive note, the area photographed is notorious for rust as there is a water trap there, most owners drill drain holes to prevent build up of dirt and moisture.
I had to replace one side (albeit not as bad as the photo) on my '74, and that was the only rust on the car.
It's worth conducting a thorough inspection to assess the true condition and then it just comes down to what price you can get the car for. Basket projects can fetch mid $30's as evidenced by the green barn find recently and that car was obviously full of tin worm.
Julian
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