That's what's known as a "rattle can rebuild". Basically, you're buying a paint job. The price is at least twice what I'd offer, possibly three times. Unless you can hear an engine run it's a "rebuildable core" and you should offer an appropriate price.
Pros:
61 is one of the most recent manufacture 235's- - - -they stopped installing them in either 61 or 62, depending on who you ask. It will have the 848 casting number cylinder head, which has a higher compression ratio than 56 and earlier engines. If it's out of a car, it's probably got hydraulic valve lifters. That can be good or bad, depending if the lifters work properly.
Cons:
The low-mount water pump won't work well with the 1940 radiator. The fan sits too low and might hit the lower radiator hose. You'll probably need to install a pump relocation plate to be able to use the 216 style water pump. Unless the owner is willing to provide the intake and exhaust manifolds, carburetor, generator, distributor and starter in the purchase price, you'll end up spending big bucks rounding up enough accessories to complete the project. That one's a $200.00 maximum engine in my neighborhood.
Jerry
