How bad is the rust on this 2008 Lexus LX? (2 Viewers)

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I'm in the market for an older LX that I’m going to use as a project car. I want to get it cleaned up, detailed and use for the next 5-8 years for occasional weekend trips with the family. I don’t see myself putting more than 5k miles on it annually. I found a 2008 LX locally with 120k miles, single owner with a clean carfax. I live in Toronto so rust is unavoidable but how bad is the undercarriage looking on this thing? Should I go for it considering the price? ($16k USD so the price seems right)
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Rust is bad - on the LX you should be concerned about rust on the AHC lines and the pump. I’d look at the lines across where the spare tire is located underneath.
 
I'd pass on it.

Just because you live in a high salt area doesn't mean the undercarriage needs to look like that. A little fluid film or something similar would've had that looking 70% better if the original owner kept up on it.
 

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