What year is it?
The "newer" OMC Cobra I/O's were all Chevy blocks I believe except the Ford 460 they used in the "King Cobra". The Cobra units were OK, my dad has one in his boat. They had some design issues that led to poor shifting and stripping gears now and then, but most of it was covered under warranty. Finding someone to service them could be a challenge, and parts can be hard to find too, they haven't been made in about 15 years.
It it's the really old model with the white outdrive, I'd keep looking...
The Mercruiser AlphaOne drives are your best bet. They were solid drives, and they're still easy to get service and parts for.
On top of that, a 3.8L 170HP (when new) inboard on an 18' boat is going to be a disappointing performer. Most 18' open bow runabouts in those years came with at least the 4.3L V6, and many had the 5.0L Chev (305 V8) and were pushing around 210HP.
Unfortunately, the cheapest boat isn't always the best deal.
Waxy