Re: Need your opinion on a yamaha 1200xl limited?
That model had 3 primary failure points: 1. The power valves would drop into the cylinders and destroy the engine, 2. An oil line would come off a cylinder (usually #3 for some reason) and destroy the engine, 3. The Catalytic converter would break apart and destroy the exhaust sensor and do other potential damage. The "D" plate fixes the catalytic converter problem, and just about any rebuilt engine would have the power valve fix. I'd definitely find out the reason for the rebuild. Many times its a carb. problem and you should find out exactly when the carbs were rebuilt.
Very difficult to price a ski with a rebuilt engine. I can tell you that it is hit and miss with rebuilds. The 2 biggest companies that do PWC rebuilds are SBT and PCWengines, and both have somewhat shaky reputations for the longevity of their engines. I'd find out who did the rebuild. The price is not bad (not great either) for that ski, and that model is a good ride and stable otherwise, but you will be throwing the dice.
Most definitely do a compression test (you'd like to see close to 120 psi), and a test ride before you buy.