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Sometimes it can make a difference whether the throttle is open or closed so personally I would try to test again. Check your local auto parts store - a lot of them have loaner tools. Hey, if you're local to NH by chance you can borrow one of mine.

If you do confirm the rings are spent it's probably not financially worth it to do the rebuild - you will likely not recover the parts cost. Parting out the bike or just selling it as-is would probably be the best thing. Some folks do buy project bikes.

But, confirm the compression test before jumping into that. What year is the bike?
 
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