72 Engine "knocks" Options

[mikeatrpi]

I found a 72 914 1.7L that the owner is casually selling (he's not listing it in papers; it's parked in the back of a parking lot with a sign in the window). The owner describes the engine as "needing work" and making a "knocking sound." I haven't heard it run myself, but apparently it starts. What could this be, and how much to fix it?

The paint is silver but not shinny, body is straight with a little rust by the driver's rear bumper, and the top leaks. I haven't gone through Pelican's checklist for rust yet. Based on what I've told you, does $2k US sound fair? I'm looking for my first real project car.

Thank you for any advice you can provide!

-Mike

[TheCabinetmaker]

Engine knocks could be alot of things. Most likely, a rod bearing, or dropped valve seat. A dropped seat can cause the valve to hit the top of the piston making one hell of a racket. That can also cause a rod bearing to flatten and allow the rod to slap the crank. It will at the very least need the heads redone, or a complete top end rebuild. 1.7 heads are much tougher than the 2.0 heads so my guess is rod bearings