Check if the saw has been repaired or fixed using aftermarket parts.
You can build an 1127 family member (039, MS290 etc) out of what's available aftermarket, and to be frank what's available is nothing to write home about as far as quality is concerned.
Plenty of 1127 saws around with aftermarket engines: far cheaper than an OE piston, and for more than one reason. Not saying all aftermarket engines are junk, but quality is so variable you have no idea what you are dealing with until you start cutting.
Carburetors are fine if properly tuned, but they seem to require far more frequent adjustments than the original Walbro HD's.
Oil pumps are another lottery ticket: some work as well as OE, others only put out a trickle. Again, no way to know until you start cutting.
Plastics are generally junk, very brittle and deteriorate quickly.
Steer away from aftermarket air and fuel filters.
You need to price that in.
Even if 100% OE, $275 for a 039 is simply too much money. The good people here are absolutely right.
There are thousands of 1127 saws for sale at any given moment and people know that. I swore never to flip another 1127 after really struggling to sell the last one, and I had to throw in an extra Oregon chain to seal the deal.
If you cannot take the plastics off to check cylinder, air filter etc I'd say $200 is what the saw is worth, but only if you really really want it.
1127's are slow and heavy saws. But there's a reason Stihl sold millions of them: they are the perfect farm saw. They are extremely well built for a clamshell, have some pro-grade features (adjustable oil pump for example) and will tolerate a lot of abuse. Typical causes of death are straight-gassing and crushing, which will kill pretty much anything.