I agree with Carl, those are great engines. If it runs I would buy on the spot, if not here's what I would do:
1) Check compression in both cyllinders, 90 lbs+ and within 10% of each other
2) Check for spark ($6 tool from Autozone)
This will give you an idea of how much you are going to need to spend to get it running.
Good compression but no spark could mean, worse case, that you will need to rebuild the ignition system. It's easier than it sounds.
Good compression and good spark but no start proly means a carb rebuild and a fuel pump rebuild, $50 and a little of your time will do it all.
I would also plane on replacing the water pump impeller.
For $175 I would buy it if the compression is good, even if I had to rebuild the ignition system, carb, fuel pump and water pump. That motor has a lot of years left in her.