I would get a HF trailer, use locktite on the bolts, and paint the assembled frame (bolts and all) to seal it up before adding the deck and lights. I also like aczlan's suggested improvements.
I bought a similar trailer at a Meijer store over 20 years ago. It's had light use, and has always been stored in a shed or barn. But still has original tires. This last year I removed the lights and adapted the tongue, added wood sides, and it is now in use weekly as a garden cart pulled by my smaller tractors and mowers. They are great little trailers.