Need opinions on this Demon for $25k

I see a car that has been redone at some point, how it was done is the question. It could be a 20 year old restoration who knows but, its all there and it can be redone again etc. you wont know what's under that paint till ya get there...maybe use a magnet etc? I don think I'd run from it, but I'd haggle a bit...the thing is its not the early 90s any more and the cars aren't 20 years old now they are 50-60 years old ...so question is is it acceptable for a 55 year old car with possibly a 20 year old restoration...? the perfect unmolested car is probably double what the asking price is...and lets face it an all original car has been repainted ant Maaco at least once...anyone remember when Maaco was common cause paint only lasted 5 years?