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 - Earthmaster Project Progress Just a little update on my Earthmaster......it's back from the dead! I pulled the head, and soaked the stuck valves with mystery oil overnight, re-installed the head, and bingo, the compression returned. But alas, my carb foiled me again, it would fire a second then flood out. After numerous dead ends for a replacement carb, I went to work fixing mine.I soldered new floats on the float arm, they came from an old motorcycle carb, replaced the packing on the throttle shaft with o-rings, cut new ga
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