I would see if it will run at all first before sinking money into it. $1000 for a is a steal even if you have to put another $1000 or so in it.
 
In my experience buying POS tractors, the biggest factor is often the tires! My $300 tractor just needed a tune up but I really need tires for it, my $1000 tractor had great tires but the PTO needed to be rebuilt. My $2500 MF135 didn't need either, but needed the sheet metal and loader to be reattached. I don't regret any of those purchases. Tires are a big cost though if they aren't any good and it doesn't run....
 

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