Engine needs a rebuild?

Before I purchased it did sit. I put less that 1k on it
In that case, what I would do is get a can of Seafoam and add to the gas tank and one to the crankcase oil. Then drive the wheels off it. You can also take a third can and dribble it down the carburetor while keeping the idle around 2500. It's gonna smoke REALLY bad, but that will help clean the combustion chambers out. Don't do it idling too low. You can actually hydrolock the engine if you don't keep the idle up. Seafoam is good stuff. It might clear up and be ok.