The gas tank looks pretty straight and if that is just
surface rust a good gas tank is a big plus. Not unusual
to use a battery as the coil is often bad. The timer?
If the muffler isn’t dented in the razed circle they are
easy to straighten. I don’t know how you feel about
it not having the reversing mechanism. Its a plus for
me.
When you remove the flywheel check the key way
for signs of it being run loose. What’s the lower unit
like inside? If this is your fist one consider the value
of the learning experience as well as the fun of using
it when you get it to run. In other words you’re likely
to spend more than its worth if you want to get it back
to its original condition. I did on my first one but I
don’t regret it. The whole experience was worth way
more than I spent and when you’re done the knowledge
gives you a better sense of value if another comes your
way.
Tubs
A "Boathouse Repair" is one thats done without having tools or the skills to do it properly.