My first boat - Any Thoughts?

[Beamer2]

Hey guys,

Well here is my first boat? I just bought it last night, and will have it in the water in a couple of weeks. It is a 1987 16' Grumman Renegade, with a 45 hp Mercury. Everything on it works great. Has livewell, storage, etc. Trailer is in good shape. The only thing is that the number 3 cylinder is a little low on compression and has a knock at full throttle. But he has already put over $1000 into the moter. Everything was gone over, cleaned and replaced as needed, looks clean. Paid $900 for it. I thought that price is a steal. The boat itself really only needs some new carpet and a little cleaning. All electrical is good and works great. I am hoping it is just a ring or something. Should I be concerned. What are your thoughts?
I have been fishing since I was a kid and actually went to college to study fisheries, but never had a boat, and this is perfect for me, as long as the motor isn't too bad. Won't get out as much as I would like (2 little ones) so this will be perfect for us. Thanks for reading my first post. Let me know your thoughts. Wonder if they would let me fish in some local tourney's with this? lol
Thanks again
Steve