Re: Sailable projects?
I replied (below) in another thread whose theme was similar to this thread...
Greenhorn that I am, I just spent 2+ years refitting a 28-footer I bought at an auto salvage auction for $1,200. Now, approximately 300 hours of (fun) work and $6,000 later I have a boat that I know every inch of, with all-new electrics, plumbing, standing rigging, sails, barrier coat, exterior wood, etc.
Now it is in the water. While I love to sail and spend time on the boat, time will tell if the next 2 years will be as fun as the past two. The point being that, for some, boats aren't just for sailing. Buying a tired 45-year-old boat and bringing it back to life has been very rewarding; just like guys who spend way more time restoring cars than driving them.
So my advice is to define what appeals to you about owning a boat... working on it, sailing it or a little of both. Those answers will lead you to a good choice. That said, I would never recommend restoring a neglected boat to one who really just wants to sail. While I now have a very sound boat with only $6,000 or so invested, it would not likely fetch very much more if sold.
There are many good, ready-to-go boats at good prices out there so choose the path that will yield the most satisfaction.
PS: While refitting the keelboat, I had a trailer-sailor so was not entirely out of the water. That was important.