It looks 1920s or later to me, perhaps 1940s. (But I'm not an expert.) It looks like a painted Sarouk (or American Sarouk), or something made to look like an American Sarouk. Is the red on the back different from the red on the front?
If it was 19th century, it would probably be worth restoring.
As it is, I would probably try getting the whitewash off by hand (perhaps literally shave it off), sometimes things like that work. Overcasting the selvages or securing the ends should not be expensive.