That could be an ignition issue -- if it's a '74 it almost certainly has points, condenser, etc. If the compression feels strong and smooth I wouldn't worry about that.
I have a 1974 model 8232 (D-series, self-propelled) and I really like the look of it -- it's distinctively mid-1970s. I'm less thrilled about the design of the self-propelled mechanism -- I wish I had the same mower without that stuff.
Do you know the model number?
Bottom line: if it looks mint or near mint, it might be worth $45 -- given that it has this engine issue. I'd offer less or maybe pass. Please let us know how this comes out.