That's not bad for a NJ bus, but your main concern is rust in the body, not on the chassis as shown in your pics. Buses leak through the windows, lights and roof hatches; the water soaks the plywood under the seats and eventually rusts through the steel floor. You will almost certainly have damage that needs to be repaired around the wheel wells, along the back wall, and underneath the driver's seat, along with the step well - basically anywhere that water accumulates.
The general advice on this site is to avoid buses from the NE, or anywhere else that uses salt on the roads. Only buy a NJ bus if you also want to buy a welding machine and learn how to fabricate.
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