Thank you Offrddrver. I am pretty sure it is 744DPEAMH. The tag on the Outdrive says Model 987128, Engine KING, SER. NO. T0754131. I know that the previous owner stopped taking it out because it was taking on water. I tightened the transom bolts and used it last year, but by the time I had taken it out 3-4 times or so, the bilge pump would turn on about every 20 seconds. When steering left or right, you can hear some rumbling noise. Also, there was a time when it didn't want to go into reverse. I do know someone who works on boats, but predominately newer ones. He adjusted the shift cable(as far as it can be), and now it shifts fine, but the cable is old and he said it should be changed. My biggest problem is that I don't have a ton of money and very little boating experience. I can put my head in the engine bay, upside down, sideways, etc... I hear the water dripping, and can see it when it lands, but not where it is really coming from. I tried videoing it with my phone, but couldn't really see that well.
I have a factory OMC manual, and am confident that I could do the work, but I am not knowledgeable enough to diagnose it correctly, or even make sure that I have the correct part numbers for parts, since they seem to change quite a bit. I would want to have whoever diagnosed it to give me a complete list of the parts required. I recently pulled a Volvo Penta outdrive and replaced a V-8 engine in another boat, so I could do the work myself, if need be.
I don't want to waste a bunch of money changing everything over, but I don't want to work on it every weekend either. Since it is over 20 years old, and generally still in working order, in my opinion, it is probably a pretty good design, just outdated as far as parts are concerned, and in need of some maintenance.
Do you or anyone else on here know someone in the Phoenix area that is good with these older models? I realize that a lot of people don't want to diagnose a problem without then also fixing it. I understand that there is profit in the parts as well, so I could handle someone else doing the repair, as long as I didn't feel like I was REALLY being taken advantage of. Thanks for any help you can give me.