I agree with all of the above, although actually the cloth covered cord can sometimes be in better shape than the rubber-covered cord on machines from the late 40's/early 50's.
New cord, foot control and motor will run you about $70-80 - I buy all my stuff from Jenny at sew-classic.com If the machine is a 15-91 or a 201, it will have a motor that can't be replaced with a modern repro, but she will clean and re-wire it and replace the brushes for about $75. (and if it's either one of those machines, the total cost of repair and replacement is well worth it! They are awesome machines!!!! :) )
Have fun with your new baby and be sure to post pictures when you get it. Vintage machines can be a huge amount of fun to work on - refurbishing them becomes a fascinating hobby in itself. It's surprisingly easy to learn and easy to become addicted to it.