Have an opportunity to buy a 1974 Roadrunner but engine has issues and there is a hole in frame. $2500 fair price?

Well...if it was in Texas it would not have frame rust UNLESS it was a Pilgrim by way of New England! But these nubs would want twice what anyone will pay also!! I would drive ot and not worry about the Bondo. If you learn to do body./paint then you might strt to stripe off the paint/bondo/