Agreed. I had a 64 F250 for 4 years that I paid $300 for that was in that condition (maybe a little better). It had the 223 I6 engine with solid lifters. I welded a few panels over the rust holes and painted it up. Looked pretty good. Constant wiring issues, grounding issues, eventually replaced the entire brake system after peicing it out the first year. Then the front cab mounts started to settle (rust).
I sold it while the getting was good. It quickly went through 3-4 people as small issues came up that they weren't able to fix themselves and they passed onto someone else. Kids driving it ran the crap out of it - the 4.88 rear end had the engine screaming at 70 MPH. 3 years later it was parked for good - the clutch had burned out, the engine had "lost" compression (apparently checking hte oil wasn't high on the priority list) and the cab had settled to a point that the doors barely opened.