It looks to me like a complete can of worms. Incompetent bulkheads that would have to be entirely replaced. No foot braces. An ominous spider crack and badly bashed stern that indicate UV damage and brittleness from neglect. Horribly funky seat that would also have to go. Missing hatch cover that could be a pain to match.
You would have to put many hours and some dollars into making this even seaworthy. I bought a battered kayak that size in similar condition last year for $100 and it had the hatch covers AND a nice stainless rudder and foot pedal assembly (and that was the only reason I paid that much for it.)
The only positive thing I can say about it is that it doesn't appear from the pics to be oilcanned.
It's up to you but it would not tempt me at that price.
1 Canoe/Kayak Trailer
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