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The serial number for the 48-50 F1s should be in two places, on the glove box door and on the patent plate on the PS firewall in the engine bay. The first character of the serial number should be an 8 for this truck (the stainless grille trim was 48 only in the US). If the first character is a 9, it could be either a 49 or 50 - we'll worry about that if this is the case.
The typical rust issues for these years are near the front fender seam (as mentioned previously), the running boards, the mating surfaces of the running boards and fenders, and the bed to rear fender joint. The door bottoms, floors, and cab corners can be issues as well.
Trucks of this vintage and condition are routinely going for $4 to 5k - even in the Midwest. Unless this one is unusually rusted or damaged, I would expect it to be in this range. A reasonable family price, assuming there is a clean title and the truck is complete as it sits, is $3500.