I think most people would agree, at least on this forum, that repairing and keeping the older IH Cub Cadet going is more cost effective than most "box store bargains", especially in the long run. Unfortunately the IH Cub Cadets don't bring the money comparable, seems like their value is decreasing. Most people want either something shiny and new or a bargain to justify investing in. I would buy the one in question here for $1k before I would spend comparable money on new junk, but reality is they are out there for what Eugene and I have suggested.
The last 122 I bought needed a voltage regulator and a little tweaking, I think I paid $275 for it. It had a replacement engine in it and the paint was original, but pretty good shape. I gave it to my son and he has mowed with it for several years now with virtual no issues.
Back to the original post/question, it's worth what you are comfortable spending, you have been given some food for thought to make a decision. Even a 100% restored CC will likely have issues, sooner or later, but should be something you would be able to address.
Best of luck,