Thanks all for the input. I went ahead and had the inspection. It needs a small amount of exhaust work (replace one hanger, add one hanger that was missing, and cut out and replace one joint), and new brake rotors and pads all around (rust and warping on the rotors). Everything else checked out fine.
This is a bit too late for you now... but...
Check under the rear license plate / Along the trunk / back door for cosmetic rust. When we bought a car with similar levels of rust (all brakes to be replaced within a year, rusted out parts), we also had cosmetic damage, at about the same time, which just grows and grows and grows.
I would not have bought it, had I realized at the time, missed it because I have not lived in a rust belt area for a long time.