Re: "Free boat" seaworthiness
If we're pretty sure that this boat spent time submerged, with no hatch, it's going to require much more than cleaning up. Every deck penetration from above and below (typically below is not a concern) that wasn't perfectly bedded, will have let water into the core. Water under pressure, btw. If that penetration and was anywhere near a chain plate, she would be dangerous, even if you cleaned her up and she looked okay. Are you able to determine if she has delamination? Then, can you tell if the standing rigging is safe? How will you get up the mast? When these parts corrode, they can't just be cleaned up, they must be replaced. Otherwise, wire under a thousand pounds of force could slap down on your head.
The points made about negative value are not a concern over resale. The point is that anything you spend on making this boat sailable will be more than you would have to pay to buy the same boat you end up with. Odds are that this boat will be disposable too and then you'll have to give it away or pay to have it scrapped and the money is gone. Better to buy a boat with that same money that will last.
Good luck, everyone is just trying to be helpful.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.