Re: Looked at the Ranger 26
There's nothing wrong with the question, but when I see something like "How much will it cost to replace the running rigging" I have to assume you don't know much about sailboats. Measure the lines, or measure the boat, take a look at some online prices, voila, the numbers are simple math.
But what you don't even have any idea about is what other questions and problems the boat can have that aren't so simple to answer. If there is standing water in the bilge, and rust in the bilge, then it may have weeped into the keel bolts. Those are typically stainless steel and they become brittle if allowed to stay in stagnant water. So even if the rust is cosmetic, you may have a keel bolt failure. You'd need a professional opinion on that to be safe. (Physically or financially.)
The standing rigging, the wires and cables and all the stainless parts that attach them to the boat? Also fatigue invisibly. It doesn't matter what they look like, if there's one meathook in one cable, they all are due for replacement. If they're +10 years old, they are due for replacement. By 20 years they are well overdue for replacement no matter where or how the boat was used.
And water in the cabin can mean the bulkhead has deteriorated from water damage as well. It wouldn't be cheap or simple to replace that properly. Did you inspect the edges of the bulkhead carefully?
What these all add up to can mean another three to five grand in repairs, necessary repairs, making the boat anything but a bargain. The only way to tell is with experienced eyes on the boat.
Now, what happens if you buy the boat for $400 now? Well, the Honda could be worth that. But if you decide you need to get rid of the boat...Ooops. Not so easy. You may need to store it ($$) for six months to a year waiting for the next guy to come along. Or if you can't sell it or give it away, you may need to have it hauled away as hazmat and pay by the pound to have it disposed of. And THAT is going to cost way more than you might expect as well.
So, a $400 bargain? One can always hope. Just be careful about bargain boats, many of them are really more like icebergs: You're only seeing the tip of it, and there can be some nasty surprises if you're unaware of the whole picture.