The corrosion you're seeing on the aluminum skin of the underbelly isn't unusual for a trailer of that age, but this certainly looks ugly. Hard to tell from a photo, but the rust on the cross member seems to be surface rust. However, you really need to do some serious poking around both above and below. Check everywhere inside - especially beneath windows, in the front, in the bathroom, and especially at the rear. Do a search for rear end rot or rear end separation and then test it for that. Get yourself an endoscopic camera and take a look inside the floor cavity, and look at the outriggers. Your goal is to determine how much of a rebuild you'll have to do. I'll bet you'll see a lot of work waiting to be done.
Buying and owning a classic airstream has a certain cache, but it can also come with a lot of pain at great expense. Proceed with caution.
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