Originally Posted By The_Emu:
Let’s assume that the engine was properly pickled and doesn’t need a complete overhaul. Let’s also assume that a complete overhaul/ modernization of the panel will be done later and not part of the initial cost to get flying.
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Huge assumptions to make. Sitting 20 years is going to do bad things to that engine. Pickling is supposed to be redone after a certain number of years, and I don't recall the number off the top of my head, but I'm fairly sure it is in the single digits. Add 1200 hours being on the engine before it was pickled (or not pickled), and odds are that trying to get a couple hundred more hours out of the engine is going to end up being expensive, whether you decide to tear it down before putting it on the plane, or not. And don't forget the prop.
Same problem with the panel. Instruments can go bad while sitting on the shelf for 20 years. They might look OK initially, but then start showing issues after you start flying with them. If you are looking at things like ADS-B compliance, it might work out to be less expensive to redo some of the panel from the beginning, instead of trying to make the old stuff work.
I spent over a decade in a shop where we occasionally had a customer bring us a plane that they had got "a real bargain" on, because it was out of annual. They bought it knowing that it was time to replace the engines and props, and they had planned for that in their budget, along with the ferry permit to get it to our shop. We did enough engine changes that we generally could have the plane out on the ramp doing the initial ground run with the new engines about two weeks after the plane was brought into the hangar. The problem was always the annuals. Usually the big problem that management would not be happy about, would show up after we had the old engines off (since that took less than a day), but before we had the new engines ready for the initial run. Management would start complaining at us about how the customer had already paid the deposit on the engines and props (which is not cheap when you are talking about two TIO-540s or two IO-550s) and had been expecting the additional cost of a typical annual, which was not going to be covered by what we had found after opening up the airframe.
It really seemed like management viewed the problem as being our fault, even though we had repeatedly pointed out that taking jobs like this never ended well, and that our salesman needed to quit trying to "sweeten the deal" by offering a discount on the airframe inspection, because there is ALWAYS a reason that the plane ended up out of annual.
Short answer: It's a gamble, and that plane can easily end up costing you several times more than you expected it to. If you can't give up on the idea, find a mechanic that has enough experience working on that model to be able to remember the expensive ADs that apply to it, then have them go over the logbooks and the airframe, because replacing the engine, prop, and panel might not be the most expensive thing that plane needs to make it airworthy.