well , check / clean your distributor and check if the ignition timing is correct .
when you did the compression test - did you applied WOT ? it makes a difference on a 4 stroke .
next step is checking why you have water in the oil . is the oil level much above maximum ?
Since you motor is out of time, get where you crank the motor and while doing so, turn the distributor a bit back n forth slowly to get it to fire
Okay, checked the compression correctly with WOT, a table spoon of 25w40, all plugs out. What difference. The compression is great, 170, 190, 155, 175.
That's a relief.
That is the way for initial setup, and at that point it will be close or 180 degrees off. If you turn the distributor a bit in either direction while the motor is cranking it should fire. If it does not, then need to check spark and fuel
very nice , so we can close all discussions about stucked valves or worn pistonrings , your engine is fine . put new plugs in it , pump the throttle from idle to full 4 times and crank it with throttle 1/4 open without gear . it will fire . if not we have to check ignition timing closely . it also has to crank happily , otherwise the starter or your battery need a check. remember i can only give you hints via a forum , you need to perform it by yourself.
but initlally : with new plugs pump the throttle 4 times then 1/4 throttle and crank it.
If it ran with the current timing seeing before why would it need adjusting?
New plugs, oil, and filter. Fully charged battery.
It started without a problem and ran until I decreased the throttle and then stalled and would not start again.
You can rebuild yours for under $1000, or get a reman long block for $2000 or so
Used engine $500-750 (Roll the dice)
Rebuild it yourself $1000+- ( $500+- parts, $500+- machining)
Reman engine $2000
New engine $3000 (Michigan Motorz)
You'll also want to thoroughly test the manifold and riser for cracks since it appears the engine had water ingestion. I'd just replace the manifold and riser, additional expense, but peace of mind.
Have you ever rebuilt an engine before?
Thanks for the feedback. No, I haven't rebuilt an engine before. I would replace the manifold and riser.
Remanufactured at 2,000 would be nice but I'm not finding that for a mercruiser 3.0.....