the compresion on your engine isn't that bad, what worries me is the drive, I'd hate for you to rebuild the engine and then the drive and transom plate goes to crap, then you end up with about 10,000 more than the boat is worth. Keep your eye open on craigs list or local sites around large fresh water lakes. I've run across complete boats with Alpha 1 gen II drives, 4.3 engine for sale because the floor was bad or the traielr and interior went to crap. I've seen boats like that for $2500, just ignore everything but the drive line. Alpha ! Gen II ( 1991 and newer will get you the latest stuff. MAke sure you don't buy a motor thats been under water. Check with banks and wet slip/dry stack marinas that don't offer service. There is no way around the fact that its going to cost you money, but at least you've got a decent boat to work with. You may want to have an expert check out the transon, just to make sure you're not throwing good money after bad.
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