If you have not purchased it yet or even if you have look inside the headstock by removing the two screws holding on the belt cover. Since it was stored outside under a tarp it is important to look at the motor and other headstock components. First look for rust on the inside of the belt cover. This will be a good indicator of rust problems inside the headstock. Use a flashlight to view the rest of the parts inside the headstock for rust. Can you plug it in and run it? With it running you can try the speed control. Does it move up and down the speed range easily or is it difficult to turn? Remember NEVER turn the speed control without the motor running. There is an exception but that is done for maintenance and the parts must be turned by hand. These are things talked about in the guide Buying A Used Shopsmith. Even if there are some problems they can be corrected with a little TLC or some rehab.
I restored this Mark 5 Greenie which had a rusted quill and other problems. This is the before picture. This is the after picture. I spent almost $500.00 restoring this Mark 5 Greenie. This included replacing missing parts it came with when originally purchased. When finished it not only looked like new but ran like new also.
If you spend even a couple hundred dollars restoring the Shopsmith you are looking at it is a good value in my opinion and you will have a nice running machine you can use for years to come.
Mark V 520 S/N 09-11-01 completely upgraded to Mark 7, with all SPT's & more.
Model 10ER S/N R64000 first one I restored on bench w/ Shopsmith metal ends & retractable casters. Has Speed Changer, Model 4E Jointer, Jig Saw with lamp, a complete set of original accessories & much more.
Model 10E S/N 1077 oldest one I have restored. On bench w/ Shopsmith metal ends & retractable casters.