Joined: Jan 2008
Posts: 23,640
Likes: 1,106
From: Mans of NC & SW UT Desert
Bikes: 86 Katakura Silk, 87 Prologue X2, 88 Cimarron LE, 1975 Sekai 4000 Professional, 73 Paramount, plus more
I would expect internal rust in the chain stays and probably the down tube as well. Do you have the time/tools/aptitude/space to properly deal with internal rust? If so, no big deal, although it is a bit of a PITA. If not, move on.
At the very least, I would be looking for a hefty discount.