So, here's a fairly good lookin' 1969 Rally 180:

Yeah, the black legshield trim is tatty, but it looks OK overall,
Starts and idles well. Engine looks clean. Electrics all work. Serial #s match up well.
But when ya get closer... it starts looking pretty shaky.



Lots of floorboard rust that was just painted over. Underneath on the bottom it looks like it was painted over with a thick black layer of some kind of industrial paint:

There is one small weld on the rear right floor board. But I didn't spot any other welds. Ran a magnet and didn't run into any obvious bondo spots.
So, knowing this thing could have some serious body work ahead, but that it seems to have a solid engine, what would you offer, or would you just walk away not knowing how bad the frame rust might be?