Yeah, TE has it bang on. If it was saltwater, it's gonna die an early death. A complete (and I mean every last nut and bolt, unwrap the harness, EVERYTHING) teardown, rinse, dry, and lube will go a long ways towards prolonging things. I'd get it running and sell it.
So, from now on, the rest of us should be careful of the provenance of any vehicle we buy.
South hombre, the setting sun to the right until we are out gas, cash or goddamn snow.