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Strong suggestion is to take someone with experience along to look at it. A boiler inspector, or even just an old steam head from the local club. The boiler is the most critical part. Look VERY carefully at the crown sheet, the firebox sidesheets down at the grate line, lower front tubesheet, the staybolts. Except for replacing items like tubes and gaskets, most boiler work usually must be performed by an ASME repair facility, which is usually not an inexpensive proposition. If you have a pinion rubbing obviously something in the rear suspension is broken, worn or bent..not super critical, but it WILL take time & money to fix. The hole in the water tank is rather minor as well. Not to be a smarta$$, but depending on condition, and how badly you want it, the "value" could be anywhere from $3-4 K to over $35K. Since you implied it has been in preservation, make sure that you get copies of all the old inspection reports and repair certificates if you decide to purchase..it will save a LOT of headaches should you get an overzealous inspector.
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