clean it
First step clean it up, haul everything that's not integrated out, and clean the thing up as well as you can. I've pulled a few boats out of the water, and one out of a swamp (hit it with the truck while mudrunning and got out to see what it was) and after a good cleanup found that there was not as much wrong with them as you'd think. my latest project, and my first larger boat is shown to some extent at the link, and the marina owner said it had been there since '93 or 94, and I almost walked away when I first saw it. but after draining, and cleaning it, there is very little wrong with it. all the oil from the A4 had floated out and was caked in a ring around the inside (worse tub ring I've ever seen) and I was sure it was frozen up, couldn't turn it with a breaker bar and socket, but after cleaning the boat out I was going to pull it and tear into it to see if it was worth rebuilding, so I started to strip it down to make it easier to get it out, and after pulling everything else off and wrecking all the gaskets! I pulled the flywheel cover and noticed a small bolt wedged in between the flywheel and housing, grabbed some vise grips and yanked it out, and was able to turn the motor over by hand. I don't know how long the boat was full of water, but all the cloth that was in the water, was rotted right away, a shirt that was on the vberth hanging down in the water looked like someone had cut it off at the water level. the only real damage were the batteries, some of the laminate on the settees is bubbled up, and one of the galley drawers has fallen apart, strangely one that was above the water! Plus almost everything that was in the drawers under the settes was trashed, most of what you see on the settes after draining was in the drawers. right now she looks good, nice and clean, and I'm glad I didn't walk away. all I realy have into it are hauling costs, a good chunk of time, a gallon of varnish, and about 4 gallons of castrol super clean, realy amazing cleaning solvent, works like a charm, (no connection with them) but I sprayed the bilge and oil ring down with it in a garden sprayer (maybe 2:1 mix water:castrol) climbed up on deck to get my brush and when I came back below most of the crud, mold and oil was floating in the bilge, spraying it down again got almost all of it. I was very happily surprised to say the least. My water was fresh, so I can't say you'd have the same results, but I'd say don't turn it down offhand, clean it up and inspect, everything looks much worse when it's dirty (as witness the 10,000,000 car lots that steam clean engines) and IF you do find that you don't want to mess with it, it will be easier to find a buyer if they aren't afraid to touch it!Ken.