Ok so I just bought this boat (1980 30' Scarab II) and I've put about ten hours on it. I checked the oil and on the port engine I've got water in it. The boat sat a for a year before i bought it. I checked the oil before I bought it and there was no water. The oil wasn't super clean either like someone had just changed it. I stupidly didn't do a compression test.
My gut says blown head gasket. BTW hasn't overheated since I've had it. Boat runs good too. It has about 500 hours on the meter.
What else could it be?

Thanks
Bill

Maybe just leaking exhaust gasket?

How bad is it ???

alot of water ,,just a little ??

i would take the spark plugs out and do a thumb test on the compresion first ,,then if thats fine take the exhaust of and check the gaskets,,could also be the intake gasket ,,what ever it is ,,its an pretty simple fix and can be done in the boat ,,if it is a gasket problem !!!

Those are the answers I was hopin to hear. I hate doing head gaskets.
Not very much water. Tip of the dipstick was a little milky.

Definately check the easy stuff first(compression, leak down) before you assume the worst.

Could be intake gaskets too!