You're learning what to look for before you seal the deal. If you can spare the room consider keeping it as a parts source for the next one you find. Especially if they happen to not be common in your area. You may even find one with a good motor and bad rear.
Also the fresh water may have not done as much damage as you think. It depends on how long it has been in there. Certainly it's not a runner now but down the road you may need a crank or rods or even the head. Tear it down and see how it is.
On a final note, last year an H showed up that hadn't run in a while. It had been sitting in East Texas where it rains a lot. I drained about 3 gallons of water out of it. I dropped the pan and cleaned it up. Crank was sitting cross wise and was above the water line. Oil pump was messy but not hurt. The rest of the story is that it ended up running good with no major surgery.
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Today's Featured Article - Tractor Profile: Allis-Chalmers Model G - by Staff. The first Allis-Chalmers Model G was produced in 1948 in Gasden, Alabama, and was designed for vegetable gardeners, small farms and landscape businesses. It is a small compact tractor that came with a complete line of implements especially tailored for its unique design. It featured a rear-mounted Continental N62 four-cylinder engine with a 2-3/8 x 3-1/2 inch bore and stroke. The rear-mounted engine provided traction for the rear wheels while at the same time gave the tractor operator a gre
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