There are several items of good news there. The plane is a trainer, so it's appropriate for a beginning pilot. The servos and engine aren't too terribly old, so they should be serviceable. So if you will get with an instructor who can trim the plane for you and show you how to fly it you should get a good start in the hobby. You'll probably need to pull the backplate, head, and carburetor off the engine and soak it all in fuel for a few days to loosen the congealed castor that's probably there. The engine should spin very freely, only getting tight as you come up against compression at the top of the piston stroke.

You will need to buy some things though. The receiver you have is 72mhz, which is not used much anymore. It still works as well as it ever did which is pretty well, but if the plane didn't come with a transmitter you'll need to get one. A new 2.4ghz radio set will cost between $150-$300 depending on how much future capability and quality you want to pay for. I know that's a lot, but it's the best single investment we make in this hobby. Choose the brand that your instructor has a buddy box for. Planes come and go, but the radio gear stays with you. You'll need a new receiver battery, and if you fly at a club field, you'll be required to join the club and join the AMA. You'll also need fuel and a fuel pump, an electric starter and battery for it, and a glow driver. It's a good idea to replumb the fuel tank as the silicone tubing is pretty fragile. Expect a $400 initial investment to get you started in the hobby. Then it will be up to you how much it will cost later on as you add planes to your collection. Starting with this plane, assuming it's in good shape, will save you about $300 off the typical cost of getting into RC flying, but it doesn't make it free. You could save a big chunk off of that initial cost by buying a used 72mhz radio that will work with your receiver, but you'll still need to work with an instructor with the costs associated with that. I wouldn't suggest trying to go it alone, as most attempts at that end pretty quickly with disappointment.

So all that's to say if this hobby genuinely interests you and you want to pursue it, you have a head start. But if the idea is to just get this plane in the air to see it fly a few times, you're probably better off starting with a foam park flyer that can take the inevitable bumps that an inexperienced pilot will give it.