exacitly how tore up is the rear? For your money you probably could do better, its not exacitly cheap to keep older cars running. at some point just everything goes because of age, on my 78 it has cost me about 400-500 in the last year just having brake lines replaced due to age, and upgrading the rest of the brake system.
If the frame is twisted, then it's a bad deal at almost any price. Besides that, if you can keep the repair costs under control, sounds like it could be a good deal.
the frame is fine, the trunk lid, 1 tail light,1 quarter panel and the bumper need replacment. The other quarter panel can be repaired, I would buy this car as a project.
ehhh, that's doable. At least the frame is ok (whew!) If it's a project & you have the time & resources, then go for it & post pics of your progress!! I wish you luck.