I've seen and ridden much, much worse, but I would not pay $80 for it, unless perhaps the parts were good quality and in quite good condition and I had another frame in mind to eventually move the stuff over onto. That top tube rust says more to me than the stuff around the BB, as there is flaking of the steel, and the tubing is typically quite thin in that area. It's clear that this bike has spent extended time in damp storage. While I don't see rust on the components, it's possible there is more corrosion inside the tubes. It's a mid-range model--a decent bike but nothing really special. I'd offer half that, settle for 50 bucks, but then spend some time cleaning up those rusty areas and recoating them. That rust goes right into the steel, so you want to treat it with something like EvapoRust after sanding off the surface rust, then priming and painting it, something you should be able to do yourself. Even with all that, the rust will still come back, eventually, so keep your eye on it and be prepared for a repeat performance.