Carb, fuel filter, and all fuel lines.
Maybe even the tank.
Ethanol takes a toll on motors.
The motor is almost 35 yrs old.
Go ask a reputable marine mechanic, but unless you do the work yourself I would think you will be looking at $200-300.
And if you do the repair, don't forget to "boil" the carb.
Or buy a new or rebuilt one.
So, are you getting this motor for free?
Good luck.