Re: Lower unit. 73 85 hp. is this normal
I'd be concerned about the oily substance. Likely it's exhaust residue. That's not normal. Exhaust heat can affect the life/durability of the impeller housing and the rubber impeller. Likely the rubber lower exhaust gasket is out of place or missing. Part number 314937. If this rubber part is missing, it permits exhaust gas to bleed off onto the water pump. It's not unusual for this rubber part to swell with age, making it hard to get it seated back into it's normal position when the water pump gets changed out.