I believe it was Larry Bible that said the timing chain on the M103 is practically lifetime....its very short and simple, and only runs the camshaft.....I highly doubt it needs any looking at with only 168k. The I6 engines are not like the V8's in that regard.
How long has that engine sat with water in the oil? There's a possibility of rust in the engine if it has been very long! 
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-diesel is not just a fuel, its a way of life- 
'15 GLK250 Bluetec 118k - mine - (OC-123,800)
'17 Metris(VITO!) - 37k - wifes (OC-41k)
'09 Sprinter 3500 Winnebago View - 62k (OC - 67k)
'13 ML350 Bluetec - 95k - dad's (OC-98k)
'01 SL500 - 103k(km) - dad's (OC-110,000km)
'16 E400 4matic Sedan - 148k - Brothers (OC-155k)
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