How bad is this undercarriage rust?

Hey all, I'm looking to potentially purchase a 2012 Xterra S for around $10k.

I got a pre-purchase inspection, and the inspector noted "Minor to moderate rust on the undercarriage. Small rust spot on right rear quarter."

I'm not too worried about the rust spot, but I do have some reservations on the undercarriage rust. How bad is it? Would you pass?

Thanks in advance!