It really doesn't look all that bad for an 85 from Indiana, but nowhere near $12K nice. I only saw a couple bad spots, but they're not easily fixed and could find more when you go after those.
Have not been here for a while but wanted to give an update:
Get me a Ramcharger from CA about 8 month ago and even my GF likes it
It is an 84 4x4 with 360, Prospector III package, overall factory paint, close to zero rust.
Installed a new 2.5" lift kit with new springs front and rear. There is work to do though and i am still looking for parts.