Here’s the owners manual with a customer support number and parts breakdown. These are what I call throw away units because of their cheap price. They are sold through NorthernTool for less than $400. Most times repairs exceed 50% of new unit. Only have a 90 day warranty, which should tell you the type of quality you are dealing with. https://www.northerntool.com/images/downloads/manuals/504000.pdf
Yes, bad AVR can be high volts. You need to check the frequency. I am going to assume it should run at 3600 RPM unless it is an inverter generator.
When you work on generators it helps to have a meter that measures Hz. You will probably want to set the no load speed at 3700 to 3750 and then apply a heavy load and see if the revs don't drop below something like 3575. The AVR will regulate the voltage but frequency is still RPM dependent. You want it running 3600 at near full load. And remember the advertising watts listed on the side is surge watts not running watts.
Wrong. Hammer is talking about engine RPMs at no load.. It’s rated Wattage is 3250, 4000 is surge Wattage, which means it will jump to 4000 watts quickly when you put a heavy load on it, then drop down to rated wattage. Don’t confuse RPMs and wattage, as one is engine speed and the other is the amount of work the unit can do.
Have you tested both receptacles on the 120V receptacles as well as both legs of the 220/240 receptacle? Before throwing parts at this unit I would be checking the wiring.

There are different ways to manufacturers wire up portable generators. If engine is running at approx 3600 and you have 183v at the outlet most likely the AVR is bad. Have you checked the 240v outlet voltage? Across the 2 hots, each hot to the neutral.
Most portable generators with 240v will have 2 separate 120v outlets with each one using a hot leg of the 240 to neutral so you can utilize all the generator's power into 2 120v circuits. Looks like that one only has one duplex receptacle so they are either just using one leg of the 240 or they have split the outlet with a different leg to each socket. You can test it by measuring between the two hots of the receptacle. Zero volts on one leg. 240v means the receptacle is split using both 240v legs.
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When you install a new avr on most generators you need to adjust the voltage. Different folks do it different. Usually same result. Screw is uaually on the back of the avr. Let it hang on the wires. Hook up a voltmeter and a tach or meter that does frequency. Start it up and no load should be running at 3750 rpm. Adjust avr screw to 120v. Clockwise to oncrease voltage. Apply a load close to the max of the generator's running watts. Rpm should drop to about 3600 or 60Hz and voltage should still be 120v. If not tweak avr to 120v. Then check 240v outlet voltage. Should be double the 120v outlet. Just the way i do it.