I know the pictures aren't super detailed. But the floor and frame rail look to be rusty, but decent. To me it only looks like surface rust. I don't see any evidence of severe corrosion or holes. Again, hard to be sure with the pictures provided.
The next big thing would be the motor obviously. If it turns over, that's a good sign.
You are right: No obvious holes and I checked torque boxes and frame rails. They are solid. The floors are definitely "thinner" than they probably should be. Again, I think it will require floors in the not too distant future but would probably safety with all lines, exhaust, fuel tank and brakes replaced. Engine turns but in an ideal world should probably be pulled and taken apart to avoid any nasty surprises.
I am still undecided
I keep thinking that I have other projects to to work on, not enough room in the garage, the money I don't really have to spend, the divorce it would likely cause...:-/
But then I think of what the convertible and this 71 would look like together and I start reconsidering going to the auction on Saturday.
I had the auction company send me the an e-copy of the appraisal before I went to see the car last weekend. The value and VIN had been blanked out. However, sounds like someone offered to buy the car outright for $15000 CAD sight unseen. Too late though, it had already been listed in the auction. Not sure what people will pay at a small farm auction for it but have to admit, I am curious.
Went to the swap meet to avoid standing at the auction with my bidder's card in the air at a level of cash I shouldn't be spending. Couldn't help myself though: contacted the auction service representative, who was by the way very professional and was very helpful in allowing me to preview the car. Sounds like the car sold for high 'teens (Canadian dollars) and I don't think there was a buyer's premium. Good for the buyer and the seller in my opinion. Still think my '73 convertible and the '71 Mach 1 would have looked good together in my garage though...