Too Much RUST to bother with...Sad but true,the 220 S or SE is too common .if it were a 300SE or a convert. then yeah it's worth buying but once you get rust in a W111 anywhere below the belt line the car will cost far more than it is worth to get repaired.As parts it's virtually worthless because they are such strong well built cars there is no demand for used parts.
I know,I've sold a mint ,Rust free black 220 SE on the 'bay ( $400AUD) Plus enough perfect parts for another 6 cars...1 year later the buyer on sold them for $100...after realising that it was beyond his finances to get the car road worthy .