[Deschodt]

Good grief...

Fixing that rust is not trivial, and if it's there, you probably got it in all the expensive places. It'll take money and parts ($$$$ for fenders), or lots of cutting/welding. Then it needs a paint job bad ($5000 minimum?). It is very likely as others said that the front pan will need work, but you can look closely I guess...($1500 -> 3000 depending on extent)

Other things are non original, mirror on passenger door is too far forwards (common, but it leaves holes), the interior seems incorrect or butchered in places, the engine compartment is full of modern ignition and fuel crap (the value of these cars is in originality), the engine mounting bar is missing 2 bolts, blah blah.... It doesn't look like something that was taken care of, nor a good start to me honestly, at any price... Once you figure a paint job, fenders, welding, deturkeyfying the engine bay, you will have more $$ into it than it's worth.

IMO with 912s, you really gotta shoot for as nice a car as you can get. Fixing them up is not cheap (911 money) and they are worth less than 911s, so it makes sense to buy the best you can afford, even more so that with 911s. Check out my sig, I know because I made that mistake twice... I just spend $3000 on the 68's front pan and various stuff, and that one showed 10x better than the one you are looking at.