Its not a Goner and at least its not too crazily priced. But I suspect that you would spend a lot of money having all of the corrosion issues properly addressed. As others have mentioned we need to see the frame and underside of the body to suggest whether to walk away...or walk to the local Adidas store, buy the most expensive running shoes they have, and then run away as fast as possible.
Make sure to get the red Adidas, they are faster. . .
Yeah, need to see more than just cosmetic rust, the frame and axles, what's the condition of engine/mileage?