Did you just acquire this, or did it just quit running?? If it has set out in the rain, it may be possible that the magnet on the flywheel is rusty, and needs cleaning up. Also clean the pickup. Crocus cloth, or if need be, some fine wet & dry sandpaper. Just make sure to blow out any residue.
I like to use medium roloc pads on my angle grinder, to buff the magnet(s). Polishes them real nice.
My GF's Sears twin cylinder had the same problem this spring, after sitting in the barn, and apparently condensation had rusted the magnets. Polished them up, and cleaned the pickup's, and ran like new.
And like the other fellows said, check for worn through covers on leads, grounding it out.