It really looks in decent shape from the photos. It looks like a great starter trailer! You will be pleasantly surprised what you will have with some elbow grease, a bit of body work & paint. One of my lesson families just re-did an older 2 horse (almost identical shape but it was robin egg blue and rust) and it looks fabulous now! They had it sandblasted & painted, replaced the metal trim & put new windows in. It probably looks as good as it did when it rolled of the production line many years ago.
Be sure to share pics when you rehab it!
Like AmazinCaucasian said "pretty doesn't get the job done" It's about what's in the trailer :)
Life is like a camera. Focus on what's important, Capture the good times, Develop from the negatives and if things don't work out, Take another shot.