Get a newer one with a Volvo or Merc power package. Some parts are very hard to get for the King Cobras, and that year could be the rare cone clutch King, or it could be the joint venture Cobra, post a pic of the drive and then I could tell you. The joint venture Cobra is the same as a Volvo SX. I'd also go over to
http://www.dougrussell.com and look up the engine/drive, check to see if key replacement parts (ie, hoses, electronic ignition components, fuel system components, drive parts, exhaust parts) are still available. I have an older OMC and some parts are hard to find, and BRP, who bought the assets of OMC when they went under, is not looking to make all the OMC parts available for these older sterndrives so you can get stuck with a nice boat that can't be fixed because of a lack of parts. So get a newer one or get them to really drop the price.....