It looks good to me. my 03 been driven over sea water and leaving in NY close to the ocean. It has way more rust than that and still running strong worry free.
you will have to invest in some good shocks and tires.

I'm in NJ and picked up a 2004 V6 Sport with 185k for $5,700 in March last year. Your engine bay looks exactly like mine. Eventually you will need to replace the exhaust manifold, skid plate and gas tank shield, all those were too rusted on mine. I'm also worried on the spare tire, check if that pully still works. You will need to budget to do those replacements. My frame looks better, no rust chipping on the side, I'd say it looks "OK" as someone else said. I'm exceptionally worried about the crack in the rear, budget that as well. Personally I would pass, I see at least $2,000-$3,000 worth of repairs to get it up to shape. Lot less if you're mechanically able. I see you are waiting on a preinspection report, good move.

My previous owner had it listed at $7,500 and after a preinspection at a local Toyota dealership, they found leaking oil, leaking transmission fluid, leaking washer fluid and they pointed out the rust. I went through the history of maintenance receipts from the first owner and he spent $21,000 on maintenace in the first 12 years of it's life in Wayne, NJ. I spent $2,500 in repairs and routine maintenance like new brakes/pads, spark plugs, cracked manifold, brake calipers, etc. so now I'm $8,200 all in but it's in tip top shape to reach 300k miles. I'm in North Jersey, you won't believe the amount of salt they're throwing out on the road this winter, it's like coke spilled on the highways in Miami during the 80s. How's the body and the interior. I'd offer $6,000