I agree with Ken. I wouldn't be afraid of this car for the right price. (probally much like what this guy bought it for) It appears to be all there and pretty straight. Unfortunitly the water damage wavier will forever haunt the car. Every problem that comes along would be attributed to this.
If I were closer I would definately have to look at it. I think you would want to know more from the previous owner. (All he had done, how much water the car was in, etc.)