Last week, while boating on the Ohio R., I came across an interesting situation. An aquaintance of my boating buddy owns a 1996 Caravelle 21 ft. cuddy. He leaves it in the river at a local marina. About 5 weeks ago, he got a call from the marina to tell him his boat had sunk. He drove to the dock to find the local fire dept. about to pull his boat off of the bottom. It was in about 8-10' of water. They pulled it to the surface and damaged the engine cowl in the process. After draining and inspecting, they discovered a hole that appeared to have been chewed in the outdrive boot. The boat began to take on water and the bilge pump kept up until the battery died, then down she went. she was under water less than 2 hours, but the river was extremely muddy. (This guy is a twice a year boater)After trailering the boat, they powerwashed the carpet and the motor. Then they flushed the engine, recharged the battery, hooked it to a seperate fuel source and fired it up. It seemed to run okay. I don't know if they changed the oil or outdrive fluid. He then pulled it home, put it in his barn and contacted his ins. co. As soon as his claim is settled, he is going to sell it as is. He recently has had some severe health problems and does not want to mess with it. He has offered it first to my friend and I for $4000. The motor is a mercruiser 5.7 with less than 100 hours. The boat is an obvious mess. Mud, scum and mildew throughout the cockpit and the V-birth. Water probably in the gas tank. Don't know about the electrical system and am not sure if it is EFI. My question is "what would you do? and what would you look for as far as damge is concerned?" I already own a fairly new 19 ft. bowrider, but have a small case of twofootitus. I plan on looking at this boat again this weekend. The damaged engine cover could be repaired for less than $500. Besides professional interior cleaning, boot replacement, fluid changes, and exterior detailing-what else should be done? It also has a custom tandem trailer, skis, accesories, etc. Thanks for any input, Goeb