Need advice on my Omega Medicus 2220/5 – Water damage and repair feasibility

Nice watch.

Repair is always part of the vintage stewardship. This is a good basic 30 mm three hander, without any extras. In some ways one of the better watches made. These movements are easy to work on.

I'd love to find more in junked condition myself. Have not seen too many listed as of late, which means people are holding on to them.

As for value this is subjective. Service/repair, really adds nothing to the value. Such is the cost of ownership.

I'm not clear what "stopped winding properly" means. Given the age of the watch, it could be something as simple as a broken mainspring; they do wear out eventually. My watchmaker routinely replaces the mainspring as part of a basic service, so it's not something expensive to replace. The movement looks to be in pretty good condition to me, though, of course, we can't see the keyless works that could also be implicated in winding problems. I don't really see any major water damage. There could always be additional problems lurking beneath, but I would think around $300 USD would be sufficient to restore the watch to fine running condition.

As for whether or not to keep it, I'd ask you if you enjoyed wearing the watch. If so, and if you can afford the cost of a service, then I would advise you to have it serviced so it can be enjoyable again. If you didn't really get much pleasure from the watch, then you're better off selling it without a service. You would be unlikely to recoup the cost of a service in the sale.