These boats were built like tanks, so if everything checks out, it should be fine.  There's quite a few Rangers from this era up here.

8 minutes ago, J Francho said:

These boats were built like tanks, so if everything checks out, it should be fine.  There's quite a few Rangers from this era up here.

 

Honestly I'm very surprised to see that besides cosmetic issues the hull looks very good. Couldn't find a single stress crack. No indications the water in the bilge seeped into the insulation. According to another member if it had the water would be discolored. When I drained it, it was clear. The transom looks solid, I'm going to hammer test and bounce test it for the third time today but I would just need to fill the screws with epoxy and hardener. 

 

Cleaning is going to be a lot of work....but imagining the finished product is getting me excited.

 

Toxic is right about checking the fuel. The owner just replaced the fuel filter. The lines definitely need to go. Hopefully the fuel tank hasn't varnished, he said he drained it but I'm going to double check...

The bilge will always get water in it.  The key is to not let that water sit in there for long periods of time.  In my case it was for a very long time and mold got established.  Easier to prevent than to cure.  I am very picky about condition but I am forced to store outside so I crack open the compartments under the cover and put a fan in there whenever it is stored.  I am in the forest in Virginia and mold is a constant problem on everything we have outside.  BBQ, Smoker, Lawn furniture and even the 1100 sq feet of decking I have.  The pic is of the tanks after 2 scrubbings.  

 

 

Well folks, I pulled the trigger. Ran a compression test on it. All 6 readings were within less than 5 psi of each other. The spark plugs were a little dark, but I'd rather have it run rich than lean. We had to bypass the fuel lines anyway since they were shot to ****, I'm sure we were pumping harder than we needed to. The previous owner also screwed in transducers directly in the transom. I took out a couple screws and it was all dry, no wetness or wood rot detectable. 

 

The compressions read about 110 across the board. I was unable to open the throttle to do the test, didn't know how as when we opened it the engine won't turn on. In my research, I heard that this matters in getting a peak compression reading, but for checking tolerances between cylinders it shouldn't matter. I'm above 100 anyways so I think I'm in a good place. 

 

Here she is: Cleaned up just a little bit, but still needs a lot of work. I'm very excited though, I'm ready to take it apart and give it new life. Redoing the pumps and fuel lines intimidates me a little, but if I can't figure it out a mechanic can. 

 

 

Enjoy.  The lines are a pita but easily done.  Just remember, it’s a Ranger and was top of the line and built well.  Keep us posted on your progress.  I really like seeing the old boats brought back to life.  

Looks like you did all the due diligence you could.  Enjoy it!