Well, if the seller's reduced the house by 80 grand then it's a fair assumption that they know that it has some serious problems but, hey... Like you said, you know that you are in for some repairs...
Heck, I'm rebovating a 200 year old hotel and it had lots of structural problems but that's part of the reward down the road...
Be prepared to reframe each window... Might as well just get it into yer thinking now so it won't come a shock down the road... Your stucco guy can probably tell which ones are the worst and maybe you can take them on in phases... That's the only way to look at big projects without going mad...
My motto when it comes to these projects is "Life is a cinch, inch by inch..."