I suspect from the engine times it is about run out and due an overhaul......
I think that you're probably right, especially given the date of the last overhaul.
I prefer buying airplanes with run out engines.
But - of the four airplanes I've owned (well, only one by myself, three in joint ownerships, I bought three of them with pretty much run out engines. Flew those three for several hours (nearly 100 each) while watching things very carefully. Then had overhauls done at shops I trusted (ok, one of those shops turned out to be awful) and wound up with engines that ran beautifully for years. Put 1,000 hours on the 180-HP Cardinal after the overhaul and when I sold it (to get into a twin - foolishness) the engine was in great condition, the tech that did the prebuy told the buyer that he'd lucked into a very good airplane. That was about 25 years ago and the buyer still has it.
Did the joint ownership thing on a 150 with a mid-time engine that was in good shape according to the prebuy tech. He was right. It was great and ran well until it got timed improperly on an annual and the cylinders melted.
