Thoughts:
Nothing with the model in general, Merc hasn't really built a genuine "lemon" that I can remember
127 hours "total use" in 12 model years (could have been bought new in late 2003). That's an average of 10 hours use a year. More likely, used a fair bit the first year when new. Then maybe a couple long weekends the second year. Then sat in the yard for many years until the significant other finally griped enough about "that eyesore in the yard" that it's up for sale.
Concern - not used = not maintained - nobody services a motor that they don't use and while you can get away with that (most times) with a 2 stroke, 4 strokes are generally not so lucky.
If you are entertaining this seriously I would haul it into a certified Merc tech and have it gone over exceptionally well. Yes, that will cost some money but better a couple hundred bucks to see whether 1) the motor is viable 2) what it will cost to get it re-habbed 3) help you determine a fair value for the motor as part of the package.
If you don't have a tech check it you can value the motor as follows:
386 (the weight of the motor in pounds) multipied by 0.49 (today's spot price for scrap aluminum) - not trying to be funny, but you could spend three times the price of a new motor trying to replace everything that has potentially gone bad due to neglect and lack of use.
