Looks like a nice example!
I picked up a number of carbines over the past couple of years. Of course, I waited until they were going for close to $1K to decide to finally pick one up.
There is a lot of info on them on the web if youre looking to chase what you have down, reload, etc. Ive found some good info here.....
https://thecmp.org/sales-and-service/m1-carbine-information/
http://www.uscarbinecal30.com/manufacturers.html
Of the 5 Ive picked up, all of them were about 65-75% function wise, give or take. They shot OK, but I was having a lot of constant stoppages. Two things got them up to about 95% or so.
One, ditch the GI mags and get some of the new made Korean mags. They are readially availabe and cheap. $12 or so for the 15 rounders, a couple of bucks more for the 30's. Not sure if you can get a chocie, but some of the 15 rounders do have hold open followers in them. I have both, and they work.
The other thing I had to do to all the guns I have, and that was rebuild the bolt. New extractor, ejector, and all the springs. Numrich/Gun Parts has everyting you need, and they also have the tools to strip the bolt.
https://www.gunpartscorp.com/
Once I swaped out the bolt parts, and mags, reliability has been much better and I rarely get a stoppage now. If and when I do, its usually one of the few USGI mags I kept and use when I shoot thats in the gun when it happens.
One other thing I ran across with all of them was, the rear sights had been knocked out of their staking, and the sights were loose. I even had one fall off the gun the first time I shot it. If you look close, you can see where the sight was originally staked in the dovetail, and if the dimples dont line up, youll want to move it back and restake it.
The CMP has a couple of articles on the sights and how to deal with getting the elevation to match the number settings on the rear slider. Assuming yours dont match up.
One of the reasons I never got into these when they were dirt cheap was, the ammo never was "cheap", even the surplus stuff, and it still isnt.
If you reload, its a LOT cheaper, and the round is easy to load for. The original loading was 15 grains of 296 with a 110-grain FMJ. Its basically a max load, but and the gun functions and shoots well with it.
Ive chrono'd that load out of mine, and its running just under 2000 fps.
Starline has brass for it, and it seems to hold up OK to regular loading, assuming you can find it.
One thing that really sucks about the carbines is, they throw brass everywhere and anywhere, and with no rhyme or reason. Recoveing brass can be a PITA.
If you dont reload, you may want to start, as, once you start shooting the gun, youre just going to want to shoot it all the time.