typical E9 rust. Shock towers don't look TOO bad, but really hard to tell w/the black spray bomb. Really hard to tell period until you pick all that stuff off. Weird place for the fenders/doors to rust.
Anything more than $10k, not worth it imho. It will take MINIMUM $40k to restore if you do a lot of disassembly/assembly yourself:
$25k paint/body (at least),
$5k interior (minimum),
$5k 5-speed conversion (optional but seriously, who wants a slushbox?),
$5k suspension/electrics/engine re-seal/carb refresh/AC work. This of course, assumes the engine is good.
Bright work (stainless/chrome) will be another$5k minimum if you want a really nice #2 car.