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those cracks look like freeze damage. most likely the foam and wood under the fiberglass is saturated with water. hence the reason it never dries. do a few test drills and core samples

your 470 has points ignition. you will have to service the points, set dwell with a dwell meter, then set timing. regarding the carb, my guess it needs to be gone thru.

Mandatory restoration reading in the stickies. https://forums.iboats.com/threads/how-tos-and-other-great-information.283508/ read links 14, 15, 18, 13, 2, 3, 4a, and 4b (preferably in that order). look at tall the pics, watch all the how-to videos.

use a DVM to verify which one is common with 2 when you apply pressure

your starter has 4 connections B terminal goes to the battery. this is a high-current power supply connection to the stater. the Ground connection via the block. this is a high-current power supply connection to the starter the S terminal which is energized by the crank position of the key...

start your own thread

NO

yes. the R terminal is connected internally to the B terminal once you energize the S terminal

Check fuel pressure Check compression Pull injectors and have them cleaned Check IAC , replace if the pintle is stuck

Maybe a much newer boat than a 35 year old one

And what are you working on? There are many Volvo Penta motors

Buy a boat less than 15 years old

There is no pump in the drive. It's on the front of the motor

It does require a thermostat However the keed needs to be installed properly What kit? What size HX (should be at least 5"in diameter and about 2 ft long)

The wood structure of your boat has rotted away

^× 1000000 He is right. A simple hull restoration is about $4000 with today's prices ,(no motor or interior)

Raw water pump is on front of motor. Replace the impeller and the raw water inlet fitting along with all the other maintenance the prior owner didn't do You are running on muffs, correct? And not trying to suck up from bucket

Amsoil is my preferred gear oil in VP drives

Using my hotrodders thread, then linking back https://www.hotrodders.com/threads/1952-fiat-topolino-belvedere-project.550685/?post_id=4853322&nested_view=1&sortby=oldest#post-4853322 Have 4 other forums I could use as well.....LOL

The R terminal was used for points ignition. It's common with later motors to not have anything wired to it