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That rust isn't bad, it will likely clean up. The paint I'm less sure about. Is that over spray? And I would replace those tires, they may hold air but full pressure will probably split a seam. But still a good find!
CONDITION & LOCATION is everything when it comes to valuing these bikes. And if you plan on selling it, you are better off selling it AS-IS rather than putting $$$ into it that you will not get back. It needs lots of work to get it back up and rideable! BTW, I see it needs a gear cable, and the original GREY gear cables are extremely hard to find, and will cost you $50+ if you are lucky enough to even find one! Also, as set of tires & tubes will cost $100, so you will be $150 into it before you even start a restoration..........