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Touchdown! Greaser!
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Cowboy - yeehah!
It's the old AQ drive, so I don't consider it any better/worse than the Merc units. At least it's not the dreaded L-drive that Bayliner shoved in a lot of those boats. It's not a terrible boat, but I bet the thing has rotted transom/floors. Can't do too much bad for only $500, but I'd definitely water test the thing to uncover any "gotchas". As with most things, you get what you pay for, and $500 isn't paying for much in the boating world. I'd go in expecting it to be worth nothing but the trailer and move on from there.
The only thing I ever had trouble with in the AQ drives I had was the shift lever and the shift cable restrainer. I've never had one apart, but they are fairly bulletproof with that HP stuck on it. I think, based on the location of the skeg above and behind the prop, and the elec tilt/trim this is an AQ200 series drive. With the 125 engine on it, they are rock solid.
Of course, if the transom is punky, it's all for naught. I don't often find trailer boats with punky transom disease, but it can happen. Usually found in the south, so if the boat has been on trailer all it's life, and in the upper midwest, it's a low probable for transom issues. Good to check though.