Looking for perspective on rust

Toyotas and rust, I know some of the history but this is my first Tacoma so I'm looking for a little bit of perspective from y'all.

Bought this truck in Washington recently. It seems to have lived it's previous 68k on Vancouver Island. Normally I wouldn't buy out of BC because Rust but I figured Vancouver Island (Nanaimo) could be less snowy and road salty.

I was checking out if the CVs were OEM and I chipped away some coating and they are flaky and rusty. Most of the frame and suspension has black coating everywhere, covering up factory stickers etc. I knew this when I bought it but now I'm second guessing. Doesn't seem super peely and rusty anywhere but the CVs but I did scrape some coating off some welds and see rust underneath.

What do y'all think? Am I being new owner nervous? Is this coating legitimate or just a concealer? Do you think cancer is now trapped under it? Any key places I should check or telltale locations?

I have a 20-year-old Chevy with no undercoating and it's lived its entire life in Oregon and Washington. Sure the frame has surface rust but not the least bit bad. I guess the difference is I can just see the frame on that truck and not wonder what's underneath a black coating... I think my mind is paranoid. I don't like buying cars that have been sprayed but I couldn't find one I liked that wasn't...

 

That ain't bad for a tacoma at all.

Now go fluid film it before it gets worse.
Or whatever other coating you want.

 

Get a short-handled 12 oz ball-peen hammer and spend 30 minutes under the truck going tappity-tappity-tappity tap-tap-tap tappity tap tappity tappity tap tap tap tappity TAP tappity TAP tap TAP TAP tap Tap everywhere you can reach. Any structurally-weak rusted spots will have a different & hollower sound.

 

Looks pretty mint, fluid film the hell out of it

 

Doesnt actually seem too bad, but whatever that black coating is could be hiding quite a bit.

 

Looks like the previously owner rattlecanned black paint on the frame in some spots, judging by the overspray on the cab floor. Otherwise the frame is very good shape. I don't think there are big rust holes hidden because the exhaust heat shield studs have very little rust on them. Usually those are the first to go. I've seen 2016 trucks with heat shields fallen off.

 

That underside would be mint for a 2020 here in the Northeast. Looks like a good buy to me

 

That looks better than my 2013, I live in Eastern Wa. Check inside the boxed section of the frame up front especially the passenger side under the AC drain tube. Fluid Film and check annually.