"I don't own a 4.3L but af
"I don't own a 4.3L but after reading a lot about them on this board the one thing that stands out is freeze cracking. Depending on where you live, if it's a cold environment and the boat wasn't drained completely for wniterization you could almost count on a cracked block with these things. Search the archives there are plenty of stories about it.
What I alwys do when I take a boat for a test spin:
ALWAYS take the boat out for a trial run. You would never buy a car with out taking it for a test ride why would you buy a boat without one. Forget the excuses of the owner, if he wants to sell you the boat and you're serious about buying it then he shouldn't have a problem, unless he's hiding something.
Make sure it starts easily and runs smoothly. See how easily it get's on a plane. Run it around for a bit. Keep an eye on the gauges like temp and oil pressure if they are steady and somewhat normal.Come back to the dock shut the motor off. After a few seconds check the oil, if it's clear oil (honey color to carmel) then you probably don't have a cracked block or bad head gasket. Check the compression while the motor is still warm but not too hot to touch. If the readings are all withing 10% of each other you probably have a pretty decent motor.
Check the floors for soft spots, tap around the transom for soft spots with the plastic end of a screw driver. Any changes from sharp banging to a thud will probably be some dry rot. Check the over all cleanliness of the engine, is there a lot of oil, rust, corrosion, water in the bilge?
Check the water surface behind the boat for oily sheen, could be leaking from several places like hyd rams, oil cooler, inside the motor, etc. These are all problems that YOU will have to fix.
Thgis is just what I do when I go to look at a boat and so far I've had pretty good luck. My first boat I bought on a whim and still regret it to this day, all I did was work on it. Although I learned a lot but I would rather be out enjoying the water any day!
Stay away from fixers. You can have a boat given to you for free but in the end cost you way more than the thing will ever be worth. And in the end you could've just bought a decent boat to begin with and enjoyed it instead of cursing it. Just my $0.02"