Shouldn’t you have done an inspection before starting escrow?

Salt destroys everything, that’s just the name of the beast but having rebar exposed through the stucco and water damage coming into the house? On top of that there’s electrical problems from a house constructed in the late 80’s?

Everything about that sounds horrible and I would run from it unless you’re planning a gutting most of the house then most of the problems are fixable.

I wouldn’t be surprised if it cost around 6 figures to get things in a nice condition.

First thing is to figure out where the water is coming from and fix that. Sounds like you at least have a bad roof but is the outside of the house properly graded or is water pooling and coming back to the house and getting through the weep screed.

Get your estimate on fixing what you think are all the problems and add at least 20%. It sounds like a serious project.