Being from Georgia, I would pass, but I don't have to deal with that down here. Even in your area, it still seems like a lot, does the carfax show where it lived? Richmond, VA for example isn't terribly different weather wise than Atlanta, except for a little more snow. Other areas may be more salt prone, was this one at the beach for example?, I think more winter exposure, that rear tie down bar looks pretty rough, as do the rear control arms.
On my recent junkyard trip, I pulled parts from a similar condition truck, it had road salt damage, that wasn't washed properly. The rear heater box frame (right side of your picture) was just flakes, it crumbled when I tried to remove it. All the fasteners were a fight.
I guess it depends how patient you are for the next deal, and how much cleanup work you are willing to do on this one. If the rest of the vehicle, price, and maintenance is way better than others that don't have rust, then you'll have to weigh that out. I agree on the body rust potentially hiding under the rockers and mud flaps. If it is in this condition where you can see, what is it like where you can't see?
What's the name of that old rock album? "Rust never sleeps"?
