Does the engine spin? With that exhaust, if the previous owner didn't rejet the carbs it might have been running lean. It looks like a well sorted bike so I would think that was taken care of, but the color of those headpipes may indicate otherwise.
I can't tell, but if it is a CB engine I would think parts would be cheap. There are a number of CB750 motors on ebay for $200 or less. The difficult part (bodywork) looks done. Whatever is wrong with it shouldn't take a lot of money, just time. That is kind of the idea for a winter project though.
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