[What's wrong? Toyota question]

I'm looking at a '92 Corolla on CL for $550. The ad says:

 

"Known issue with this car is the so called "cold start" problem, popular among Toyota models made in the early 90's. It becomes a headache in cold winter mornings to start the car - normally it requires to turn the key 3-4 times, wait about 5-10 min, and it will start. Once warmed up, it starts easily and runs smoothly for rest of the day. I searched this issue online and some people suggested that it may needs to replace a part called "cold start switch/valve".

 

What's wrong with this car? Is it as simple as replacing a valve or should I steer clear?

[Hi!]

I heart Subarus. Except my current Subaru, which is dying. I'm hoping to find a better one soon.

 

I've owned an XT Turbo (can't remember the year), drove an '03 WRX when I was married, and am currently the "proud" owner of an '87 Justy.

 

So... Hi!