Indeed, sounds cheap. The 3B engine is easily capable of twice that mileage if well cared for (fluid and filter changes, valve adjustments, etc.). The tranny is pretty tough too (4 or 5 speed). Rust is indeed the killer in those mid-80's Cruisers. Russian River eh? Would have liked to visit the place when I holidayed in SF a few weeks ago, but didn't have time.
Yeah, would be a good deal for someone.