Does it run and cut? The handle bars are about $130 replaced fairly easily and the other rust looks to be just cosmetic. The frame looks to be in ok shape. You would want to get a front roller for it, that's around $170. Hard to tell the condition of the reel but you can measure it and if it still has relief to it can be backlapped. A new bedknife looks to be around $55 if it needs replacement. So $600 total and it could potentially be a good deal for a 25" reel.

If it doesn't currently run then all bets are off

 

Looks like a fun project to me, assuming you have the time and patience for it.

I have a collection of McLane's that'll be similar projects over the rest of the summer.

 

Does it run and cut? The handle bars are about $130 replaced fairly easily and the other rust looks to be just cosmetic. The frame looks to be in ok shape. You would want to get a front roller for it, that's around $170. Hard to tell the condition of the reel but you can measure it and if it still has relief to it can be backlapped. A new bedknife looks to be around $55 if it needs replacement. So $600 total and it could potentially be a good deal for a 25" reel.

If it doesn't currently run then all bets are off

Allegedly it does run and cut

 

In my opinion if you want it to look brand new you will have to invest a good bit into it initially. If you want it just functioning it may be a good deal if you can get it super cheap.