It's on the top of my list of considerations for just that reason... It could use some upgrades to things like older style deck hardware, which could be done over time since everything there still works. The previous owner was afraid of the pressurized alcohol stove so it was taken out and tossed in a dumpster without a replacement. The ice box was broken at some point and removed. The teak needs to be refinished. And I'm sure the windows could probably stand to be rebedded. But the rest just appears to be cosmetic clean up.
I think my last real concern is the 16hp Yanmar. I can't really get a history on it other than the previous owner saying that she had it serviced once a year and didn't have any problems with it, (probably just an annual oil and filter change). And the marina owner said it came in under power so he knows that it was working before he hauled it.
You definitely couldn't eat off of it, but at least she wasn't one of those people that spray paints the whole thing silver (including hoses) to try and hide the condition.
So if I assume 40 hours a year without any sort of rebuild ever being done, that would be about 1200 hours... What's the average life expectancy of this engine?
What would I be looking at for an average rebuild/overhaul cost just to put it back into nearly good as new condition?