Good Buy???

[Tutball]

I am currently thinking about purchasing a GMC sierra 87. I want a fixer upper and I think I found the perfect truck to fix up. This is my first truck purchase and really could use some tips on what to look for when I go inspect the car. The lady wants 1500 for it. Problems that you cant see in the picture are as follow the speedometer doesnt work and the gas gauge doesnt work and also she said I will have to bleed the brakes. No ac or heat. She did state the motor is a beast. Also the rust on the floorboard will that be a big problem to self treat. Any helps and tips would be greatly appreciated. Thanks in advanced.