I'd get into it for that cheap. The bed is probably worth almost that to the right guy.
Is it diesel or gas? Trans? Mileage?
Brake lines are gonna be the biggest thing if they're close to being rotted out, that doesnt sound like a fun job on a long truck like that.
Since you said the cab is rotted I'd look under the truck real good too ....like make sure the first time you put scrap on it the leaf spring doesn't seperate from the shackle LOL