Hi Mark, water intrusion like that can cause all kinds of issues. A friend of mine got caught in a downpour here and his car was submerged up to the door handles, he never opened the door until the fire truck pushed him out of the water but some still seeped in. The insurance company ended up writing off the car. It was a newer model (1996) and he considered buying it back to have it fixed and hot-rodded, but our friend Chip said he'd never touch a car that had been submerged... and that was fresh water.
That all said, consider it a shell only that will need every electronic part / wire replaced - if the body is straight and glass / plastic pieces are good maybe you offer shell type money, assuming the motor / transmission can both be rebuilt. Depends how it's been stored too, stagnant water wouldn't help either.
Also, if it was a write off and an insurance policy was paid out it could be salvaged / branded and that would hurt resale, IMHO - same if it shows up on a carfax or some other report like that.
Personally, it's have to be pretty special for me to consider a "water car".
Anthony
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