While this is not quite a stellar example, I strongly disagree with the "rotted framerail" assessment. The rusted section under the trunk is NOT a framerail; it is the forward gas tank strap hanger, which bears no structural load other than the gas tank itself.
The hanger is a reproduced part. They are a pain to install onto '71-73 Mustangs equipped with competition suspension (yet, doable), but this one has stock suspension. Anyone armed with a MIG welder, spot weld cutter, and a spare weekend can replace it. Shoot it with spray-on 3M undercoating (don't forget to shoot the inside) and forget about it.
Granted, Q will have my neck for suggesting anything short of epoxy primer to seal it, but it'll do for the driveway guy who doesn't want to kill himself - and his neighbors - spraying isocyanide paint all over the place. Either way, it'll be a hell an improvement over its current state.
HOWEVER - those quarter panel patches are something else. Again, replacing them is doable, but a much bigger disaster to deal with than that fiddly gas tank hanger. Left front apron looks suspect too; I'd expect to find rust on the rear aprons and upper rails if the fenders were pulled. It's a project, but not nearly as bad as some of us have had it here.
I'd say it is worth the $2.5k, though it is heading a bit too far up in price for my tastes. Just the same - given the salted roads up there - cheaper choices may not come this good everyday.
-Kurt
