Good buy?

What state? I'd say no?
You are going to have a hard time finding any 2nd gen without some rust in the rust belt. I purchased my 2010 in Nov. of 2016 and it had some rust on it, but not too bad compared to what I've seen on here. Cosmoline, Fluid Film, Woolwax, and Blaster surface shield are great rust preventatives, but will now eliminate rust for starting. I routinely go under the truck and check for signs of rust and any time I'm doing an oil change which includes greasing the driveshaft I scan for any signs of rust and touch it up.
A couple of weeks ago I notice some brown stuff on the inside of the driver's side frame near the converter, a sign rust has started. I ground the area down, applied Pro-15, let it dry, and then sprayed it with black cosmoline rust preventative.
Bottom line, you need to find a vehicle that somebody has taken the time to treat their frame against rust.

 

First picture, that oval shaped hole up and down is rotted out. Hell no. Right there you don't need to look any further.

I'd be pretty pissed about them trying to pull that over on you

 

Definitely run from that one lol.

 

No way, Jose.
Once the freshish paint fades, the rust will reveal itself to be ubiquitous on the truck.

 

Yeah, pass on this one. I looked for months (and months) until I found my 2006 privately, one that had the factory frame swap-out. Around here in NYS that's worth upwards of 12-15k alone, so it is not something you want to undertake yourself. And even then, this new frame is already blooming rusty red on the welded seams. Find a 2nd gen Taco with a new factory frame and then undercoat it as soon as finances allow. Love this truck, by the way. Love it.

 

Congratulations on your decision to post those pictures. There is a wealth of informed Tacoma owners here who have seen it all and freely offer advice to those who ask. You are now the beneficiary of that experience. Now go find another truck and get some pics of THAT frame for us.

 

When you say 'dealer' you mean a used car lot correct. Yeah, they are a dealer alright . . .

 

Run Forrest!