I owned a Seafarer 23 and I still have excellent memories of that boat. It was very stable, sailed ok in light air, sailed very well in medium air and was a blast in heavy air. My Seafarer was built at least as good as Hunter, Catalina and ODay and in my opinion was actually a bit better than either of them. The only inherent problem I am aware of is the bottom attachment of the rudder is prone to electrolysis and if the one on the boat you are looking at hasn''t been replaced you can unquestionably count on it. It''s not the end of the world to fix but it will take a couple weekends to repair.
I am pretty sure that the boat in question is a McCurdy and Rhodes design as was mine. Check out he Seafarer website. http://home.att.net/~seafareryachts/home.htm
While they are not intended to be blue water boats they are stoutly built and make excellent coatal cruisers. The interior liner that was referenced earlier is a bit of a pain to work around if you have to rewire the boat or replace any of the hardware, but it can be worked around. The other side of that is that it is very easy to keep clean and I could help but notice it never mildewed.
I know of two Seafarer 29''s that have been to the Bahama''s several times. One from NY the other from Georgia. Might I suggest that you join the seafarer email list provided here by Sailnet. There you can speak directly to some very knowledgable long term Seafarer owners that have countless cruising mile under them.
If this boat is in good shape then it is a very good boat to learn on. Here''s something to think about, assuming the boat passes survey, You pay around 10k for it keep it for a couple years do the appropriate maintainence and you will get most of, if not all, your money back that you can then put toward your bluewater boat.
Very best of luck to you