The fender has been replaced. The backside of the door jam should be undercoated and undercoating is missing from the entire inner surface of the quarter panel. I've attached a picture below of what an original area would look like. There is also a significant 'plug' of undercoat and seam sealer where the quarter meets the 'kidney bowl' and the structural outer rocker panel which is where rust tends to form rotting out the door jamb and rocker
That said, who cares? These cars are ~30 years old and have been driven. Yours looks to have been repaired properly with a complete panel from Porsche. People think every car should be collectors quality and of course they should pay a driver quality price. They also put too much faith in Carfax and similar history reports to suggest that their car is incident free. Lots of stuff happened in the '80s and early '90s that never made its way into these type of history reports.
