Sounds like about the same deal i got about 5 years ago, 1700 bucks for a 70's 16 foot bayliner with an 80 horse merc. I had to get the lower bracket welded on the motor as it had a crack in it. Was like 120 bucks, other then that I have had no probs. It runs like a champ, wakeboards and all that.
You might want to look good at the transom, like reef back on the motor and see if there is any give. If it has been trailered alot they can get weak.
Other then that fire er up and go rip some water, good luck!
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Chuck