Bought a reel-to-reel deck at a garage sale, now I know why they gave it away

Paid $80 for a Teac 3340 last Saturday in Manchester, thought I scored big. Got it home, plugged it in, and the right channel just hums louder than my lawnmower. Took off the back cover and the belt basically melted into a gooey mess, plus two caps are swollen like little soda cans. Anyone else ever rescue one of these or should I just strip it for parts?

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