The rusty frame would make me wonder if it came from a flood area, Katrina and Rita comes to mind. Yes the chrome flaking is common, with it you will continue to lose air in the tires.
You should be very concerned about this car, IMHO from your description, I would run away from it. My concern would be were the electronics under water and will it give you problems later.
You asked!!!!
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2008 Silver Steel Metallic, Touring, NA, Sirius; Chromed door handles; lower grille; fog light surrounds; chrome front & rear bumpers strips; Airaid air filter; Bassani duals; Modesty Cover; Autolite AP5263 Platinum Plugs (.040); Crane Plug Wires; NAPA Ceramic pads; Blane hood struts; PTeazer Gas, Brake & Foot Rest Pedals, '05 Rear Step Pad, Stainless Door Sills, Llumar tint, "A" Piller chrome; APC Strut Bar