Does this look like water in oil (996)?

A guy here in town is needing to sell his 996, and I recently learned about it through our local car guy grapevine. Car is a 1999 C2, has about 75K miles, in pretty nice shape. I've been thinking recently about buying an inexpensive fun daily driver with four seats, so of course the 996 falls right into that mix. Anyhow, went to see the car today. It drove great. I know one of the common problems with early water cooled Porsches is problems with cracked cylinder liners, so one should always check for coolant in the oil. There was certainly some yellow-white foamy type sludge inside the oil filler cap, but I don't think I've ever actually seen a car where there was confirmed to be coolant in the oil, so I'm not 100% on what it would actually look like. See attached pic:

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Haven't drained oil or done in depth inspection. Just a quick look and drive, as it was getting dark. The seller is another doc in our clinic, so he's fine with me taking it somewhere for a PPI if I want.

I did check the dipstick and it looked clean, but didn't think to do that until after our drive, so it was warm. He says last oil change was almost 1 year ago, he's only driven it about 1000 miles in last 12 months. He said he cranks it about twice a month and drives for about 15 mins around the neighborhood, so car probably hasn't gotten good and hot much lately. This car was his DD but he bought a new A6 a year ago and he hasn't driven it much at all, plus his wife hates it and wants it gone.

 

Also, from the very complete and extensive looking service records, it appears the rear main seal was replaced due to a leak in 2002 (at porsche dealer). Would this have been late enough to have the upgraded design?

 

Oh I believe you 100%. 997 is a fantastic car. But the 997 is getting too close to DB9/Vantage/456/Gran Turismo money. I'm looking for something cheap right now, and preferably something without much depreciation left (which pushes the 996 ahead of the Fiat Abarth and Audi TT in the $15-20Kish fun cars with four seats sweepstakes).