"Thermostat is in the normal l
"Thermostat is in the normal location or a housing above the normal location.
Have you run your boat on the trailer? Look for water output at the prop. 2 years is about the max I would receommend for an impeller. If one or more of the vanes breaks off, it can block water passages and cause all kinds of problems. This is one service item I would become familiar with. You need to remove the lower gear case (put it in drive first and remove the speedo tube) and the water pump is right at the base of the drive shaft. Gen II has a metal housing and a larger impeller which I prefer but the Gen I works fine, too. If you have a Gen I, get the water pump rebuild kit that has the upper and lower housings. It's worth it in terms of peace of mind. It's definitely possible for the thermostat to go bad but they usually don't stick shut but it may have. How cold is the water where you're running it?"