Yeah, motor seems to look less corroded than rest - that said, my M12K came out of Minnesota in ~'01, was crusty & paid ~$400 shipped to Washington.
I dropped a couple hundo doing a rebuild kit & fresh steel rope, ran like that till going Masterpull rope in ~2012 after enough use the steel rope was worn smooth & just starting to pop a few frays in the 20-30 ft mark where my pulley lands for a compound pull.
You in for less than $300-400?
It's kinda fun to open one up & rebuild so you see how the gears mesh & to be the guy slapping fresh lube in while adding new gaskets. Seems EP grease was the recommended juice, but it's been literally over a decade! GL!