In process of buying an old 1990 Bayliner Capri for $1,500 with some known
problems:

Engine: owner has paper work that shows reman long block was installed in
2000,
and that block was welded. (?) My guess is that it was a reman long block
with
cracked water jacket that they welded and signed off on.

Shifting: has the classic interupter switch problem when shifting into
reverse. (cable ?)

Status: hasn't run in 3 years, so I've been over there a few times and got
about 2 hours
on it with the ear muffs. I "think" I got the feel for getting in reverse
with out stalling due
to the interupter switch deal, and got the cable lubed, and adjusted the
best I can get it.

Runs great on the muffs, but there is water dripping out from underneath the
manifold
at a fairly good clip. Checked the engine oil many times and there is
absolutly NO signs
of water in negine oil. So I'm wondering what the most probable cause of
the water
leak is, and how much of a worry is it to just let it drip? My thinking is
that maybe the
crack on the reman long block is up under the manifold somewhere, and weld
come
loose or something. I've seen a few posts where people say that the
manifold/raiser
should be replaced every 10 years in fresh water, and 4-5 in salt water. So
I dunno.
I'm a good welder, so the crack block doesn't worry me too-too much,
(although
welding cast iron has its own challanges). - just wondering what the chances
are that
its just a gasket, or the manifold/raiser itself. I'm "ok" with springing
for a manafold
for like $350, and a raiser for $150, thats no biggie really.

Also, the biggest thing I *didn't* check before putting a $1,500 offer on
this boat,
is the fact that I didn't check the leg oil for signs of water. Not new to
rebuilding
outboards, so if there is water in the gear oil, whats the most likely
cause? And
how much for all of the needed parts at NAPA I wonder? And can the
secondary
shifting cable be changed on an Alpha One without pulling the outdrive?
Also, the
tach doesn't work, but don't see this as a big issue either, since
electronics is my
main area of expertise. So is $1,500 too much for this boat? (considering
the new
long block?)

Thanks!