1st of all let me say that I've owned a 2005 F150 5.4 since I ordered it late 2004 and it still looks like brand new so I'm not unfamiliar with the quirks of the 5.4.
So I seen an ad on facebook in my little town in Alaska for a 05 F150 5.4 , 146000 miles for $2200. Owner said that it would start but would quit running after a while and he was told that it was a vacuum leak. So I went to look at it, took my code reader with me as well. No visible fluid leaks, no oily crap in the exhaust pipe etc. The front bench seat has been removed and is not bolted in and the front seat belts are missing, also missing is the jack and tools that go with it and there is no owners manual or paperwork what so ever. I did a Carfax and there have been 3 owners total with no reported accidents.
So I start the engine and here comes the loud knocking for a few seconds then it calms down. The code reader says VCT sensor fault bank 2. So I'm figuring if I put in a new VCT cam sensor ($69 motorcraft amazon) This could fix the problem. Of course I told the guy that it sounded like a rod. I now have him talked down to $1000. I think I'm gonna jump on it. At the worst I'd have to put new Phasers, timing chain and oil pump on (fingers crossed). Body is in Excellent shape, needs tires, drivers side headlight foggy, will need new carpet, seatbelts.
Not many salvage yards here in Alaska so may be hard for me to find good used seats and belts and shipping up here is way expensive.

SHOULD I GO FOR IT OR WALK AWAY?

Thanks

 

If you get it, be prepared to do a desludge job and a complete timing set replacement - solenoids, phasers, chains, guides, tensioners, and oil pump. Get a Melling oil pump and Motorcraft everything else.

If nothing else, for a grand it would make for a good parts truck.

 

Yes it would but don't really want a truck in Pieces sitting around the house. Amazon has timing kit with chains and phasers for $820 ,all motorcraft parts

 

I'd follow glc's advice. Great advice there.

As far as the parts truck sitting around your house... use what you need, then have a scrap truck pick it up and pay you. You'll likely be ahead.

I can't imagine if you worked diligently enough, you could have that truck in and out of your yard in a week.

Heck, I've had folks bring wrecks (even multiple) wrecks to store at my house to grab parts... I tell them they got 2 weeks, or else it's mine and I throw it out. Never had an issue, but I'm like you, I don't like clutter around my house -- but if I can help a friend or two, why not...

 

I'd buy it with the full intention of doing the full timing kit with plugs and phasers. That alone allows you to see the condition of the cams, ensures you have a good timing set/tensioners/cam phasers/oil pump, and gets new spark plugs as well. I'd think that is worth $2K all-in to have a solid truck. If you wanted to flip it, it ought to be easy to sell a running F-150 with those items done for double what you paid. A few weekends of work would have it ready to rock.

 

I'd jump on it. Never know, the sensor may just fix it. The noise at startup is most likely either the wrong oil or a bad drainback valve on a cheap oil filter. NAPA Gold or Motorcraft oil filters only.

 

I prefer WIX myself (Napa Gold is a re-badged WIX).