Wow, that engine tin looks like it'd clean up to about new, I don't see any rust on it. I bet with a pressure washing that thing would look pretty good. It's possible that's a newer engine, if it's got dual hydraulics it's possible the PO did some engine work, too. If it's got 1700 hours on the clock and runs good without smoking or anything, I'd do a compression check to see where it stands there. If I recall correctly, it's got the older style analog hour meter, are you sure it reads 1700?
Anywho, looks like a keeper to me! Love the red ones, I still miss mine. Congrats!!