Cost of rebuild a flathead

[sanborn]

A young friend needs to totally rebuild his 50 flathead. It will be a stock rebuild. I estimated it to cost about $1500-$1700 for parts and shop labor. Is this in the "ballpark"? Carb and ignition work would be extra.

The engine is running now but compression is very low(25-60 lbs.) and the usual tricks to get it up didn't work. The engine doesn't have enough power to pull up a steep hill.