Re: So I was given a boat for free......
I think that's an excellent picture of what happens when you run a boat with a rotten transom into an obstruction. We should save a copy to show newbies what it looks like.
The good news: It's fixable. Check over the rest of the boat to see what condition the drive, engine, controls, fuel tank, and mechanicals are in. The volvo penta drive is about as good as sterndrives get. It's probably still functional even after that hit it took. Quality stuff. It will likely need maintenance though - check the engine and sterndrive oil for water first.
The bad news: If the transom was that far gone, I'd bet you're gonna need new stringers, deck... the full monty. A lot of work, and frankly not terribly cheap.
But, it would make a decent project even with all that. It looks nice, and if the mechanicals are in good shape I'd say go for it.
On the other hand, pretty soon there are gonna be a lot of boats for sale with cracked engines and bad drives... if yours are good, swapping them to a new boat hull might get you on the water quickly.
I wish someone would give me a boat like that
Erik