Warn rebuild?

Yes, for sure. (easy 100 in a few parts) That rust will clean up. Hope the brake is not rusted into the drum. I have one like that and cannot get the brake out.
Bargain, get it quick !!
 
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Definitely verify the motor runs and look in the drum at the brake. Those two items are the costliest to replace and would be a deal breaker for me. You will have to most likely throw a few hundred at it to make it good but at that price that is certainly worth it.