When you buy an iPad does it come with a warranty and for how long?

Water damage is considered user damage and is not covered by warranty. If you purchased AppleCare+, you should have a option for 2 accidental damage occurrences, which would allow for a reduced cost replacement. Otherwise, you would be charged an out of warranty replacement cost.

Nope.

The standard, free, one-year AppleCare only covers manufacturing defects and not accidental/incidental damage caused by the user.

Apple and Apple Stores do not repair iPads.

They offer replacement iPads, in lieu of an actual iPad repair.

You would've had to purchased, paid extended AppleCare+ within the first 60-days of purchase, which allows for user damage and replacement for a small $49 U.S.D. replacement device fee.

Since you didn’t purchase extended AppleCare+ for that iPad, a replacement iPad, in lieu of repair, will cost you 60% of that iPad's original cost.

Sorry & Good Luck!