it's very old and tired. I would only consider it if you're very mechanically inclined, and the price comes down 3x.

I had okay luck with my old 3.0L Vulcan V6 Ranger with 4x4, though I neglected to check out its frame before I bought it. There was no rust on the body, so I took it at face value that the frame was still okay. I neglected to check out transmission fluid at the time I bought it, and while I was driving home on the highway, when I'd approach steeper hills, the truck would struggle to downshift. 

251k miles were on it and I bought it 6 years ago. I rebuilt the transmission shortly after I bought it, and the mechanics let me keep the stuff that didn't require a core deposit. I got the overdrive gears back, and they had debris in them. They'd go smoothly for the first 2/3 of a revolution or so, then they'd get gritty and hang up. That's what was causing the transmission to struggle with downshifting. 

While I was fixing it up, I noticed a rear crossmember was rotting out. The passenger rear frame rail cracked last year at that crossmember, at 299k miles. It ran like a scaled ape, though it was underpowered in some circles. It was fine for what I used it for. Ford riveted the frames together at the factory, and it used a noticeably lesser quality steel and rustproofing than the front frame. When the rear frame rail cracked halfway up due to the loss of that crossmember, the front frame was only beginning to show mild rust. 

Rusting rear frames were so bad, a class-action lawsuit tried suing Ford because of prematurely rotting rear frames in 2003 I believe. Ford won, that's why Ford never had to recall them. A friend of mine recently acquired a 2011 Ranger that was from central Florida, and it had never been through a snowy winter until last year. It has the 4.0L engine, which is not as reliable as the 3.0L Vulcan, but it was designed with the intention of installing it into the Ranger. The 3.0L Vulcan was designed alongside the original Ford Taurus, which was a midsize sedan. It ended up being so reliable, albeit underpowered in Rangers, that if a V6 could be installed, Ford made it work.

Having said all of that, IF the transmission fluid is good (you'll find changing transmission fluid in our FAQ: https://carkiller.com/scottykilmer/howto/atf/), it has the 3.0L Vulcan, and there is absolutely no rust on the rear half of the frame, maybe, if you enjoy DIY type stuff. I recharged my A/C on my own, though I'm also mechanically inclined, and I have a minor in mechanical engineering.