Like any aircraft - but especially homebuilt! - you first ask the question:
What was it, when it was new? Which model was constructed? S-1C is
different from S-1S. Sparcraft wings? Which engine and prop? Inverted
systems? The builder of this aircraft has a good reputation here, which
is a good sign.
What has happened to it since then? Damage from groundloop? Damage
from inactivity? Damage from time?
For me, it's binary evaluation. Either it's a project, which in case it's pretty
well worthless (see Peter's arithmetic) or it's flying. Best is an aircraft that
flew at least 50 hours on the tach last year. Pull the oil screen pressure
housing and check for metal.
Hopefully it doesn't have an oil filter. If it does have one, take it off and
cut it open. If the filter is brand new, be very suspicious that someone knows
the engine is making metal and they removed the evidence before you got
there. A new oil filter is cause for internal corrosion inspection.
If it has just a pressure screen, pull the housing. Hopefully the gasket is
old and burned which is a sign that it hasn't been pulled for many years
which is quite common but completely illegal. If the screen hasn't come
out in years, you can actually tell if the engine is making metal.
That's the pressure screen from a Lycoming in a Pitts (not mine) that sat
and corroded internally. The cam lobes are making metal. Don't buy that
engine. Ask Peter about Lycomings in Pitts that make metal.
When you look at a used Pitts, consider:
0) Damage from accidents?
1) Lycoming internal corrosion?
2) rib / spar / wire internal wing condition (see Peter above)
3) paint cracking
A Pitts is really just a tube & fabric aircraft with a Lycoming. Yes, it has
inverted fuel and oil but that's not hard to deal with. Manuals are readily
available. Oddly corrosion of the tube frame is not typically a problem,
but it certainly is on other types!
Note the above indexing starting at zero. We're C/asm programmers here,
not Pascal or Modula-2 or Ada.
Note that cam lobe wear is the Achilles Heel of Lycomings. Any problem
with the valves or rings or pistons or cylinders, you can order BRAND NEW
cylinder kits from Lycoming for us$1.5k each which include
- new assembled cylinder with valves & springs & retainers installed
- new piston with new rings and wrist pin and plugs
So if the cam lobes and lifters are good, and the bearings aren't making
metal, for 4 x 1.5k = us$6k you can put a new top on a Lycoming four cyl
and fly the snot out of it. I might suggest you change the mags and starter
at the same time. Also, one item that never gets attention is the fuel
divider on the top of the engine. They work until they don't. More of a
problem in the south in the heat, actually.