Need engine help and advise

[smkinnan]

Guys (and gals), I am in serious need of some help here. I bought a 77 V20 center console late last year and started saving to get the motor repaired (carbs rebuilt, water pump, etc...) and to re-do the transom (with arjay per the suggestions on this site).

Well, last night I did a compression test on the motor (a 1991 200 Evinrude) and found out that the #1 cylinder has little or no compression and that the remaining cylinders have approximately 75 psi each. Since I haven't been able to start the motor I did the test with the engine cold. I have been told that I should do the test when the engine is warm but I obviously can't at this time :( It also appears that I'm not getting any spark.

Anyways, does anyone have an idea what I should do at this point? Is the motor most likely trash or can it be rebuilt fairly inexpensively? I realize I haven't given much information here but I don't know what to do next.

If I decide to change the motor, what are my best options? I don't have a ton of money and can't finance one of those new 4 stroke Yamahas (although I would love to). I see lots of motors for around $2k to $4k on eBay and on Craigslist but can't make heads and tails about whats good and bad. I feel like I've already made a big mistake but I love the boat and want to keep it, and really just want to take my son fishing. Any help is appreciated. Thanks for your time....