(next) Winter Project - 93 MC ProStar 205?
 

This boat has great fixer-upper potential but was hoping for some forum feedback before considering purchase.
FACTS:
-1993 Mastercraft Prostar 205 cosmetically sound, 330 hours
-Engine and transmission pulled after owner failed to winterize
-boat seller says $2400 and I get the boat, transmission, and engine
-further indicates, "all you need is a small block for a 351 which'll cost $600-$800"
-I am not too mechanically sound but my neighbors love to wrench and would put days into it
I'd be a fool to think it would be a straightforward restore, but what is the likelihood that the thing could run for less than $5K total investment?

Probably pretty good. Being "not too mechanically sound" definitely puts a cramp in things. But if your confident that your neighbors will be there to the end, I'd say go for it.
I like to tinker. But I have only been involved in two engine rebuilds, one of which was a 351 in a Prostar. We got it done for around $800, and learned a lot in the process. The only issue we ran into was that the engine we used was from a Mustang, which rotates the opposite direction of a boat 351. So we ran a Nautique prop on the MC after the rebuild.

A neighbor who would put days into it says GO FOR IT!!!

I'd jump on it, flick the parts from the original motor you don't need for funds and rebuild it, I wish I could get one that cheap...

If you could get a running motor for $600 - $800 it probably wouldn't be much work to put it in swap the marine gear over and go boating. I guess engine/transmission alignment would be something for a shop to do though.

Rebuilt longblock should be in the neighborhood of $1200, and go ahead and budget for intake and exhaust manifolds too (maybe $600).

Except for the cooler, the transmission should not be affected by not winterizing. Not sure what's up there, if anything, but that could be up to $2500 if it's beyond rebuildability.