Bought used motor what to look for?

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The motor isn't newer than 86. 1986 was the last year for perimeter bolt valve covers which is what you have. In 87 they started to use heads with center bolt valve covers, where the valve cover bolts are located in their center. 86 was also the last year for ignition coil in cap type distributors which you have. 7 87 they went back to mounting the coil off of the distributor cap.
 
Engine looks like nothing special. Likely early '80s. You might be able to narrow it down by running the 170XXXXX number on the side of the carb. Also check the metal tag on the transmission for the letter code. It might be more valuable than the engine depending on what it turns out to be from.
 
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Before you buy any engine you should always turn it over a few times. If it does you're off to a good start. Since you already bought it might as well check. What size it is. Its obviously a small block. like many said; check the casting #'s. Looking at it could either be a 5.7 or a 5.0. Since your planning to Freshen it up. Id look for obvious damages. Lifter wear/Cam wear, or any pushrods bent? Look for scoring on the cylinder walls. You know the obvious. If you plan on doing a cheap "rebuild" I'd recommend this parts list. Whether it be a 305 or a 350 its up to you if you want to rebuild it. 350's are preferable but, have no shame in a 305. You can get some decent TQ out of them. If you want to run the trans, buy a lock up kit.

Federal Mogul Premium Engine Rebuild Kits(350)
MK6038A-000
COMP cams kit (good for 350)
K12-234-2
Federal Mogul Premium Engine Rebuild Kits (305)
2056026M-000
Lunati (good for 305)
10120100LK
Buy a separate timing chain...
Classic Performer RPM
7101
And the Oh so famous 1406 Carb
 
Before you buy any engine you should always turn it over a few times. If it does you're off to a good start. Since you already bought it might as well check. What size it is. Its obviously a small block. like many said; check the casting #'s. Looking at it could either be a 5.7 or a 5.0. Since your planning to Freshen it up. Id look for obvious damages. Lifter wear/Cam wear, or any pushrods bent? Look for scoring on the cylinder walls. You know the obvious. If you plan on doing a cheap "rebuild" I'd recommend this parts list. Whether it be a 305 or a 350 its up to you if you want to rebuild it. 350's are preferable but, have no shame in a 305. You can get some decent TQ out of them. If you want to run the trans, buy a lock up kit.

Federal Mogul Premium Engine Rebuild Kits(350)
MK6038A-000
COMP cams kit (good for 350)
K12-234-2
Federal Mogul Premium Engine Rebuild Kits (305)
2056026M-000
Lunati (good for 305)
10120100LK
Buy a separate timing chain...
Classic Performer RPM
7101
And the Oh so famous 1406 Carb
It's a 305 , started taking it apart yesterday overall It seems like its in decent shape no cracks ,pushrods aren't bent. It's cleaning up pretty good too. As for rebuilding I just want to do stuff that needs to be done. I mostly bought this for the transmission. So I can sell the engine and use what I get to buy a 350. There's certain
Before you buy any engine you should always turn it over a few times. If it does you're off to a good start. Since you already bought it might as well check. What size it is. Its obviously a small block. like many said; check the casting #'s. Looking at it could either be a 5.7 or a 5.0. Since your planning to Freshen it up. Id look for obvious damages. Lifter wear/Cam wear, or any pushrods bent? Look for scoring on the cylinder walls. You know the obvious. If you plan on doing a cheap "rebuild" I'd recommend this parts list. Whether it be a 305 or a 350 its up to you if you want to rebuild it. 350's are preferable but, have no shame in a 305. You can get some decent TQ out of them. If you want to run the trans, buy a lock up kit.

Federal Mogul Premium Engine Rebuild Kits(350)
MK6038A-000
COMP cams kit (good for 350)
K12-234-2
Federal Mogul Premium Engine Rebuild Kits (305)
2056026M-000
Lunati (good for 305)
10120100LK
Buy a separate timing chain...
Classic Performer RPM
7101
And the Oh so famous 1406 Carb
Its a 305, so far it looks really good. I had my instructors look at it too ( I'm an automotive student this is my "final project " so to speak) and they don't see any problems. It's cleaning up real nice , no cracks , warping or bending so far. As for rebuilding I plan on getting a 350 in the long run so I'm only looking from upgrades
( besides what it needs to run ) that I can transfer over when I get a new engine headers , manifold ,etc...
The things I know I need for certain are the distributor, accessories , thermostat.
As for the pulleys and accessories would the ones from my 231 out of my cutlass be able to fit onto the 305? If anything since cost is a factor would I be better off selling the 305 finding a 350 with accessories and put that one instead?
 
If anything since cost is a factor would I be better off selling the 305 finding a 350 with accessories and put that one instead?

Building a 305 with a goal of performance is truly a waste of money because every nickel spent will be the same nickel to build a mild 350 and be 30-50HP higher. With that said, you mentioned you're a student and doing this in a class - I assume some type of Vocational tech school/training. To gain some general engine building experience then this motor would be a great learning motor as it is a complete assembly. Learning how to identify good parts from bad is a valuable skill. Things like cylinder wear, bearing wear, head disassembly including cleaning, inspection and reassembly of valves, guides, springs and seals. How to properly install the pistons, bearings, heads, cam and timing set, etc - ABSOLUTELY great experience with a knowledgeable teacher guiding you through the process. And lastly, the satisfaction of getting into your car running correctly is a great feeling.

Whenever jumping into something lke this the first step should be to have a clear goal and then set a plan to achieve via parts, tools and budget. If your goal is much more than building a reliable daily driving motor, then look for another motor - more cubic inches. 305's were not designed to be 400HP screamers. A goal of much more than 250 crank HP is going to require skill and budget IMO.

Everyone has to learn somewhere and your motor looks like a great place to start. Good luck - Jim
 
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