The orange peel bit is either a lot of unflatted primer or some stone chip. Either way it's rusty under that. The belly pans are screwed on, but the screws look like wood screws and are too far from the sill lip not to be into thin air if all was as it should be.
Stone chip all over the rear arch can be there for one reason only - to slow the rust coming through (whatever the seller claims)
Just had feedback to confirm the belly pans are pop riveted on! That sent the alarm bells ringing after reading (can't remember who's) rest thread. Damn and blast it looked so sweet as well! Oh well another one bites the dust!
That's one of those vans that doesn't look horrendous at first glance, but it needs loads of work under the paint and stone chip combo! The sill under the sliding door looks wrong as does the sliding door.
If they're pop rivetted on that means they've been off, it's definitely had work and is ready for more, I'd be having a really good poke at it but it does have some good features! Where is it?