Being under water doesn't bother me much, setting for 5 months is a bit of concern, I've got a 06 ASV PosiTrack, the electronic pilot control is under the floor board and I don't know how many times it's been submerged in water and hydraulic oil over the years from the belly pans getting full.
The amount of electronics and emissions equipment on newer machines can really jack up repair costs if they are damaged, but even if you get into it and find it's no worth fixing you have lots of valuable parts to sell should you part it out.
First thing I'd do is pull all of the panels and belly pans and give it a good power washing to remove any gunk or mold so you can really see what you have, if it has a closed cab I'd gut the interior as that's where most of the mold will be, on a open cab machine I'd trash the seat.
After it's cleaned and any possible mold is removed I'd drain the fluids to see how much water is in engine or hydraulic systems, if there'a lots of water in the oil tanks or engine there could be other issues that would require farther tear down, if there's only a small amount of water you could get lucky with the hydraulics.
If it was running when it was submerged there's a high probability the engine has damage, but as you said your prepared for that.
Next I'd open up the electric panels and look them over, then hook a jump pak to it and turn on the key to see if anything goes up in smoke, if you stick a battery in it leave the cables loose incase you need to jerk them off quick, if that goes well pull the injectors and add a little oil in the engine and hydraulic system then see if the engine will crank over.
The only concerning part I see is if the engine won't run there's no way to test any of the other components without dropping $$ into the engine first.
Any electrical components below the operators seat should have good sealed connectors, above the seat could have common plugs and switches so you'll want to pull any of the electrical panels out and check those.
You most likely got it cheap and can afford to drop some coins into it, not sure what model it is but I'd say that $45k figure you tossed out there is a low ball number for one of those machines, mine is one of the larger models and a new one today is around $75-80k.
Good luck ether way it goes as a running machine or parts for sell.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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