I was visting the isle recently. Killed some wharf rats and sharp tooth for a quest just for fun. The thing has about 350-400 hps and hits for 24 dmg. Don't know for sure, but I'm betting more than level 5. I'm a magician and had my pet attacking it while I hit it with 170 pt. spell and it wasn't even below 50% yet.
i looked at the quests in the zone and thought i shouldnt make myself kos as of yet (high-elf cleric) so i killed rats from 14 to 17 along with a side-order of fish(all blue to me).All in about 8 hours. One of the fish was called razortooth who i gave to the kerran on the boat and in return i got in return a Kerran Fishing Rod (3dmg 17dly)that is SOOO fast (i almost fell over with laughter whilst dueling a wizard who NEVER got a cast on me because i whipped him to death. Rat tooth is turned in to the kerran on the left dock for a fish-bone necklace. I am currently making an Erudite so that i may kill the Kerran because the zone is EMPTY yet FULL of prey.