1938 Ford Flat Head Rod Knock

I am thinking about looking at a 38 Ford that has a flat head V8 that the owner says has a rod know. How hard and how expensive would this be to repair?
 
I would figure on a total rebuild, you never know what you gonna find once you get inside. Not knowing your mechanical skills or how much you can do yourself but I would say a turnkey rebuilt flathead is gonna run around the 3 grand mark.
 
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