Should have been sold back around 125K miles. There's no way you will make out better fixing this car over the next 3-5 yrs than replacing it now with a lower mileage one that is rust free. You're also taking a leap of faith that nothing will go wrong with the engine, trans or rear end while you own it. That's a big IF.
That car sounds like a $2K car if everything is fixed. If you've identified $2K in things needing fixing, you can bet there's another $1K-$2K more lurking in the wings (window motors, seat motors, AC, cooling system/radiators, ps and water pumps, brakes, emissions equipment, head lights and tail lights, starter motor, etc.). The last older "rusty" car I had that I took from 160K-230K miles just ate me alive in repairs. And I ignored the exhaust, leaking brake lines, original suspension. Never again.