So riddle me this?????????? A recent $400 purchase while on a business trip 

Haven't had the chance to drive it, ONLY start it and let idle for 1 hour NOT expecting much for $400 worse case it will be used as a "Storage unit" lol but curious of what others think on this
2003 E350 painters van
490K miles YES almost 500K miles
5.4 2V
NO knocks
Stack of records since 2003
1 owner since new old man 75yo
Issues: Suppose limp mode wont drive past 30MPH( didnt have chance to drive it, It was late at night and I was just there to purchase and go back to my hotel)
When I went to go look it over old man said he accidently put water in the oil filler instead of windshield reservoir and when I checked oil it was gray on dipstick and some white smoke while idling
So im like crap its a bad head gasket??
So added some engine flush and GUMOUT fuel cleaner with PEA and let idle for 1 hour while me and him BS'd about these vans and other things in life lol
After some idling the white smoke went away
then i turned off and oil was clear NO MORE gray mix??
Paid and got title and went back to hotel
He gave me a bag of records and once I sorted out the papers, BAM!!!!! the bad news he "forgot" to mention
Cylinder #3 low compression
Cylinder #4 low compression and Heli coil installed
Van has NO engine noises, No metal in oil, good normal oil PSI pn gauge??
what boggles me is it started up and idles normal at good oil PSI??? no knocks noises nothing??
So what do you guys think problem is?? Any suggestions on repair or where to start??
Cool bonus he said there was a bunch of old tools and paint equipment in the back that he didnt care to mess with and it all goes with van



Haven't had the chance to drive it, ONLY start it and let idle for 1 hour NOT expecting much for $400 worse case it will be used as a "Storage unit" lol but curious of what others think on this
2003 E350 painters van
490K miles YES almost 500K miles
5.4 2V
NO knocks
Stack of records since 2003
1 owner since new old man 75yo
Issues: Suppose limp mode wont drive past 30MPH( didnt have chance to drive it, It was late at night and I was just there to purchase and go back to my hotel)
When I went to go look it over old man said he accidently put water in the oil filler instead of windshield reservoir and when I checked oil it was gray on dipstick and some white smoke while idling
So im like crap its a bad head gasket??
So added some engine flush and GUMOUT fuel cleaner with PEA and let idle for 1 hour while me and him BS'd about these vans and other things in life lol
After some idling the white smoke went away
then i turned off and oil was clear NO MORE gray mix??
Paid and got title and went back to hotel
He gave me a bag of records and once I sorted out the papers, BAM!!!!! the bad news he "forgot" to mention
Cylinder #3 low compression
Cylinder #4 low compression and Heli coil installed
Van has NO engine noises, No metal in oil, good normal oil PSI pn gauge??
what boggles me is it started up and idles normal at good oil PSI??? no knocks noises nothing??
So what do you guys think problem is?? Any suggestions on repair or where to start??
Cool bonus he said there was a bunch of old tools and paint equipment in the back that he didnt care to mess with and it all goes with van

