You're learning what to look for before you seal the deal. If you can spare the room consider keeping it as a parts source for the next one you find. Especially if they happen to not be common in your area. You may even find one with a good motor and bad rear.
Also the fresh water may have not done as much damage as you think. It depends on how long it has been in there. Certainly it's not a runner now but down the road you may need a crank or rods or even the head. Tear it down and see how it is.
On a final note, last year an H showed up that hadn't run in a while. It had been sitting in East Texas where it rains a lot. I drained about 3 gallons of water out of it. I dropped the pan and cleaned it up. Crank was sitting cross wise and was above the water line. Oil pump was messy but not hurt. The rest of the story is that it ended up running good with no major surgery.
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Today's Featured Article - Talk of the Town: Winterizing Engines - To Drain or Not to Drain? - by Russ Berry. What is this strange attraction I have to equipment and machinery? How did I get this way? I came from the suburbs and own a small horse farm in rural Loudoun County, Virginia. You can call me a "weekend farmer." The local farmers do. Does it bother me? No. I am just happy to have their friendship. At least the word "farmer" is in my title. But what is the attraction? How can I explain the sensation and exhilaration I feel when I turn the key and hear the engine come to life (most
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