thanks for all the feedback. I'm pretty handy around boats (grew up on Betrams and such), so sweat equity is not a problem (cash is another issue all together). But I see your points: I can buy something in good shape and well equiped for $5k, or something for $1k which I will pour in $4k - and still not have a boat worth $5k. I guess I'll take a good condition one, or a "bargain" fixer upper (as long as the fixing is just that - fixing; not rebuilding) - as long as both are safe and stable.
So I guess the next question is:
How are Oday 27's overall?