Since it has the switch for reversing, that implies one of the old Reversing switches such as a "travis reverse switch" that guys used to reverse univeral (AC type) motors when running on DC. We can't see the motor to see if has windings(AC) or a magnet (DC) A DC (permanent magnet) motor would not need a reversing switch - reversing polarity to the motor reverses its direction.
So It should run on DC as mentioned above.
I did not notice outside 3rd rail pickups, so that implies 2-rail track and insulated wheels.
Check that the gears, bearings and journals are lubed.
You have a bunch of options:
First you can run it as is, manual reverse on DC.
Second, you could replace the manual reverse with a bridge rectifier and automate the reversing function on DC with the existing motor.
Third, you could replace the motor with a similar size DC one. I suggest similar size just to be able to use the same motor mounts etc. There are a lot of MG and USH open frame perm-mag motors floating around.