Opinions needed! Too much rust?

In order of the pictures:

• The receiver / hitch is done.
• The rear leaf springs and shackle as pictured are toast.
• The spare tire carrier and frame cross members look pretty bad, but may be salvageable. You would need to needle scale this area and re-paint. I assume that the spare tire hanger works, otherwise you couldn't have lowered the tire to take the pic.
• That lower control arm looks bad, and you should plan on replacing both.
• The FRAME (and this is the only pic. of the frame) does not look too bad to me! We would need to see pictures of the inside of the C channel, especially near the cats.
• The rear axel doesn't look great, but not bad either.

IMHO the truck is worth about 1/2 of what the seller is asking IF, and only if, the rest of the frame checks out.