This is what I found

it's a 1951 according to serial #. Little rough, Motor stuck, 1 front rim rusted out. 1 rear rim rusted out. Fenders rusted out. It is all there. Check oil and it looks good. Rear wheels are tight, I shock the you know what out of them and nothing seemed loose. I'm not too consired about the stuck motor, but I don't know how hard it would be to replace the rusted out parts and the cost. On the plus side it is only 65 miles from me.
 
Rims and fenders can be bought new. Do a google search, find what you need new and figure you could save some bu buying used. I think $130 will buy a new rear rim, and 65 will buy a new front rim.
 
Many of the sheet metal parts are sort of easy to find. As for the engine if it has only locked up from sitting a good fill up of ATF in the cylinder should free it up but if it has had water down the exhaust then that could mean a full rebuild which is big $$. Rims on the rear if not to bad can be fixed as for a front one not all that hard to find. Some of the stuff I may have laying around for that matter
 
Rear rims can be repaired if rotted out around the valve, not too bad of a job. If the engine has not had water in the cylinders at worst you might have to take it apart give the cylinders a light hone, new rings and touch up the valves. Not a lot of expense, just rings and gaskets, and a little work. And that's the worst case if it was running good before setting up. But you never really know until it's apart.
 
Im assuming this is the $500. model B you talked about. If tires are usable, then your probably in the ball park. YOu can fix the rims if you got ambition. Fenders are normally rotted around the seat angle iron area. I have cut out panels and welded in new to save a few dollars. You can buy all used replacement parts on e-bay fenders/ rims.
 

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