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The chain's a mess, true, but the first thing you'd do on any ebay bike is change the inevitably stretched chain and cassette so it's no big deal. A good scrub on the chain stays with a wire brush & WD40 should recover them in time to put a coat of paint over it. To get that rusty means one thing - it's not been well used, which is good news in a "I'm determined to positive about this item" type way....
One thing though - 93 P2s on the Cinder Cone were originally grey, and that stem doesn't look right either. It's enormous!
