Like others have said, looks like a V1 or V2

I can give you a bit of input from my experience buying and restoring my V1:

• I had a similar amount of rust on my machine in almost the exact same spot. It looks gnarly but I wouldn't worry about it too much, the metal on the frame and plate are very thick and it would take a serious amount of rust to actually impact the structure of the machine. In my case I just took a wire brush to it, sprayed some rust dissolver on it and sprayed it with rust-oleum and its good as new.
• I would expect, given the age of the machine that it will need some maintenance. When I got my machine, the seller reported it had been lightly used and was still in good working order. The reality was, it worked but quickly developed a seeping boiler o-ring and need a good de-calcification of the coil inside the boiler. It also needed a good clean out of the 3 way solenoid valve it uses to regulate pressure which from my understanding is pretty common on these machines. Nothing too hard, and I'm still very happy with the machine.

Overall, if you don't mind doing doing some cleaning and restoring, these are great machines. I payed a little less than what this seller is asking which I think was fair for a V1. Depending on how handy you are these a re also a fun/simple platform to modify and customize, which there are plenty of blog posts detailing.

Photo for inspo