He's asking $500 but I think he'll take $400 if pressed. Does the year sound about right? .
Not sure about the year, but 4-5 is too much without hearing and seeing if it runs like it's supposed to. You're buying a pig in the poke, $250 would be more like it. I paid 250 for my TF 1001. Great machine.
On the other hand, you cannot buy anything as rugged as an old Horse on the market now. There's one on EBAY now for $537 - just about mint condition. These are all variables only you and your finances can decide.
Check the botton of the axles by the tires for a leaky axle seal. Big trouble if there is heavy grease there. Those seals only come out by tapping them out from the inside the transmission.
Check the condition of the engine oil.
Throw the left lever down so that the machine is locked in the forward position. Check the tension on the two belts under the cast iron hood. Should be the same tension as the old style fan belts on a car (1/2 in" play). If it's more than that,
check the dual belt adjustment block for the belts. The left side lever is the forward reverse gear shift. At the very front of the lever, you will see a roller assembly that rolls up and down an eccentric block. In back of the block is a bolt, with an slot in the block to set the point at which forward (tightening the belts) engages. If the bolt is at the very bottom of the slot, you can just about count on paying a mechanic $50 to replace the belts. You can do it if you have small hands. I don't. Make sure he cleans the pulleys with CRC Brakekleen.
The machine will not run right without good belts. It will slip out of gear (like mine), stop spinning the tines when you hit the hard stuff. I ended up bracing my shoulders between the handlebars, left hand on the forward gear, right hand on the fast slow gear, to keep it going through this heavy red clay soil.
But I got it 1800 sq ft done.
Best $250 I ever spent. Of course, I had to change the oil, change the gear box 90 weight oil, (keep that gear box full, you want enough oil in there to supply the rear tine axle), sharpen the tines, new filter, new plug, clean out the carb bowl, wash out the gas tank, replace the gas line hose. That's stuff you have to do anyway.
Then I spent $70 adding an electric start (the engine already had a non-functioning starter motor that I tinkered with until it engaged the flywheel.) Couldn't let that starter motor go to waste. 8HP Tecumseh, not the original engine.