There's a lot to be replaced and it appears to have seen extended outdoor storage. You rarely see shock springs this thoroughly rusted. Let's start with the items visible in the photo that have to be replaced, or restored:
- The handlebars are bent & likely rusted solid to the knobs
- Speedo bucket is scrap. Have to see the speedo in-person, it may be done, too
- The LH lower fork leg appears bent. The same crash(es) that did this may have tweaked the RH side, as well
- The footrest asm is not the original
- The rear fender is is a lot rustier than the front, have to wonder why. Can't recall if the rear is different than later the later type; the front is and will havew to be restored
- The tail light bracket appears reasonably straight, but heavily rusted
- The seat appears fairly straight. Usually, a cracked pan allows the rear section to collapse onto the tail light bracket, crushing it. If it's solid and the original, this would be a lucky break. Early seat pans have the demountable (bolted-on) tool kit holder and are easier to repair. But, is this the original seat?
- Looks like the original flywheel cover (Z50 type) but an open engine, missing the upper end, is cause for concern. This bike has spent much of its life in a humid environment. There could be rust in the lower end; won't know until the cases have been split
- The rear shocks are probably best described using a rude word which rhymes with "duct":cc_rip:
So, based on your photos thus far, you're actually negotiating to buy a rough rolling chassis, (minus: chainguard, headlight shell, handlebar assembly & knobs, tail light assembly), seat pan in unknown condition, partial engine in unknown (highly questionable) condition, speedometer in unknown condition, and a pair of rough fenders. All you need to restore a `69 is the frame, LH engine case w/SN, the seat pan plus a few other smaller items. So, this one could be restored. That doesn't alter the fact that this is one rough starting point for a concours project.
I'd offer $200, tops...and that's giving consideration for the fact that it's a `69. Otherwise, I'd offer no more than $75 for this pile.