92 prelude to buy or not to buy

[shooter_18831]

private party sale:
147,000 miles has nice black interior but it was never garage kept faded red and rust around rear wheel wells. has had a new timing belt@ 100,000mi. and reg service @ local honda dealer.
has a 6 cd changer in trunk. needs front tires he's down to $3,000 from $3,500
He's going to call soon and I am thinking of offering $2,500
Or $3,000 if he fixes the rust and buffs and clear coats the finish

Any advise??