I am considering purchase of an older 1977 14.5' Boat with 40 HP Merc engine. When checking the oil in the leg about 1/2 cup of water came out prior to the oil. This boat seems to be in immaculate physical condition and has obviously been extremely well maintained and taken care of over the years. Engine actually looks nearly as a new one. The water was clear until the oil came out. The boat has been sitting, unused since 2003 and the current owner is selling due to her husband recently passing away and has put it up for sale. How concerned should I be about this water in the gear box oil? I have turned the prop and it seems very smooth . Any info or help much appreciated as I am relatively new to the boating world and am not sure what kind of problems or costs I may be in for with this water problem in the drive. Thanks