<VV> opinions, before I buy (long, but worthwhile)

[Bruce Bacher]

Hello, All.  I'm asking for advice/opinions on a Corsa I'm considering
buying.  This message is rather long, but I'd like to give you as much info
as possible to make an informed opinion.
 
The owner is asking $500 for this car.
 
I'm new to Corvairs, so I'm looking for a project car in mostly good
condition that I can drive around while I fix it up.  I also don't have a
ton of money to spend on it up front.  I'm less concerned with repair costs
afterward, since I can do it over time at my own pace.
 
The car I'm looking at is a 1965 180/4 Corsa in working condition.  I drove
the car around a large parking lot to test it out.  I took some fairly
quick, tight turns, and didn't hear any weird noises, so the suspension and
bearings seem good.  The brakes are good.  The clutch was sticky at first,
but loosened up after driving a bit (it had been sitting for months, and the
last time it was driven regularly was over a year ago).  The engine didn't
sound all that good at first, and smoked a lot, but again after a while it
seemed much better.  Again I'm guessing that was mostly because it hadn't
been started up in a while.
 
So, my condition that the car be drivable is met, I think.  The engine has
never been rebuilt, and it's a bit "tired" and ready for a rebuild.  That's
fine as long as it'll run until I'm ready to do it.  There is a leak
somewhere, because the grill on the back has some oil on the right side
(http://www.bachers.org/images/corsa/CorsaRrEnd.jpg).  I didn't see any oil
in the garage where it had been parked, but there it is on the grill.  The
turbocharger does NOT boost, but that doesn't seem to hurt anything.
 
Here's a pic of the engine, though you can't see much:
http://www.bachers.org/images/corsa/CorsaEngine.jpg
 
The interior has a light layer of mildew on the seats and inside the doors.
It wipes off readily.  The carpet is NOT mildewed, and is in good condition
(apart from being dirty).  I checked the carpet underneath the rubber mats
up front, and it looks good.  I banged on the floorboard under the mats, and
it sounded good.  So, even though I can't see through the carpet to the
metal floor, I think it's in good shape (not rusted).  The headliner is like
new - I was impressed by it.  The dash, steering wheel, instruments, glove
box, etc. all look good.  The seats are in good shape, except for a split
seam on the passenger side - it can be sewn up, I think.  The clock doesn't
work - surprise!  The floor of the trunk is rusty, but not rusted through.
The rest of the trunk is fine.  Overall, aside from needing a THOROUGH
cleaning, the interior is nice.  See the pictures below.
 
Interior pictures:
http://www.bachers.org/images/corsa/CorsaDash1.jpg
http://www.bachers.org/images/corsa/CorsaFtFloor1.jpg
http://www.bachers.org/images/corsa/CorsaFtFloor2.jpg
http://www.bachers.org/images/corsa/CorsaFtInside.jpg
http://www.bachers.org/images/corsa/CorsaRtDoor.jpg
http://www.bachers.org/images/corsa/CorsaInstPanel.jpg
 
The body is in fair condition - it needs some work.  The wheel wells are
rusty, but not rusted through.  The rocker panels are NOT rusty - no problem
there.  There is some rust around the trim.  The trim from the right front
wheel well is in the trunk.  There is some rust where the luggage rack
attaches to the car.  The door hinges are solid, and the doors close very
well.  No problems there.
 
Exterior pictures:
http://www.bachers.org/images/corsa/CorsaLtFt.jpg
http://www.bachers.org/images/corsa/CorsaLtFt1.jpg
http://www.bachers.org/images/corsa/CorsaLtFt2.jpg
http://www.bachers.org/images/corsa/CorsaLtSide1.jpg
http://www.bachers.org/images/corsa/CorsaLtSide2.jpg
http://www.bachers.org/images/corsa/CorsaRrLid.jpg
http://www.bachers.org/images/corsa/CorsaRtFt.jpg
http://www.bachers.org/images/corsa/CorsaRtSide1.jpg
 
So far, not too bad, I think.  Now for the bad news...  
 
There is one spot in the left door pillar where it has rusted through.  I've
been told that's difficult to fix - is that true?  See the picture:
http://www.bachers.org/images/corsa/CorsaLtDoor.jpg
 
Rust has eaten through the right and left rear where the bumper wraps
around.  Also, there is some accident damage on the right side.  See the
pictures:
http://www.bachers.org/images/corsa/CorsaLtRr.jpg
http://www.bachers.org/images/corsa/CorsaRtRrDamage1.jpg
http://www.bachers.org/images/corsa/CorsaRtRrDamage2.jpg
http://www.bachers.org/images/corsa/CorsaRtRrDamage3.jpg

I'm thinking it needs work, and will end up costing me a lot more than $500
by the time I'm done.  But $500 for its current condition seems OK to me.
What do you think?

Thanks for reading this far, and thanks for any help/advice you can give.