Great, new motor...
Now you gotta replace the wear ring, possibly rebuild or replace some carbs, who knows what the impeller looks like.
Is the electrical tripping any fuses?
See, it could be a good deal, but more than likely, you would get it and within 2 or 3 trips find all the demons lurking in it that will lead to hundreds or THOUSANDS needing to be spent to get it going.
Both of the Seadoos I have were like this. They looked good at first, but both required LOTS of work to get them running and staying running.
I am happy with what I have now, but it took a couple extra grand to get here.
Being a college kid, you probably don't have a couple extra grand. So do what I did. I befriended a guy (in 1997) whose father owned a house on Possum Kingdom lake (you have likely heard the song by The Toadies) and they had a Chris Craft and two 1996 XPs. So I could go there every time we had a break and jump boat wakes.
When you get a job and steady income, this kind of deal may be perfect for you. But for now, with no income, you will buy it, ride it 3 times, it will break, and sit for 5 years before you graduate and put it in the dump.
Sorry, but I have been there, and know how it is. Unless you are a wealthy college student, but you wouldn't have mentioned that you were in college and wanted to spend a only a grand if you were wealthy and had hundreds to toss around. And time to spend rebuilding stuff.