Opinions will dffer, but –
Motor – 540/1 or a geared 540 like this – **LINK** – and a coupler to connect the motor shaft to the prop shaft. You want thumping power, not a race motor. Depending on the motor chosen, you might need a suppressor kit.
ESC to control the motor, probably a Marine Viper 15
Something to power it all with, it is a tug with plenty of carrying ability, so a 12 volt NiMH pack (or a pair of 6 volt packs and a series Y lead) will do the job. A pack like that comes with a connector that matches the ESC, and is difficult to connect incorrectly. Will probably need ballast.
Something to control the rudder – a servo. Any "standard size" will do the job.
Something to plug the ESC and Servo into. Any full range entry level 2G4 radio that does not say "park flyer" on the label will do the job. You usually get a transmitter and matching receiver. Find your own transmitter batteries. Note that when plugging into a radio, the black wire ALWAYS goes to the pin on the outside edge of the board, And, as a reminder to myself, ON the pins, not between them.
Battery connector plugs into ESC battery connector. ESC motor leads connect to the motor terminals. ESC control lead plugs into the radio (probably channel 3). Servo plugs into channel 1. The radio is powered from the ESC, which also has an on/off switch.
Not in the boat, but generally dirt cheap, a Servo Tester. Every home should have one.
The radio will usually either come with instructions or have a manual available for download. It ill be written in Aeroplane terms, but will still be usable. Reputable ESCs come with a connection diagram.