I recently (May) bought a 1974 Bristol 28 on e-bay for 3K. That price I believe is well below its value. I bought the boat sight unseen and have probably taken some risk - for the price I think it will be worth it. My intention was to find a project boat to refit. As only a few of the boats were ever built there isn't much information available out there. The boat I purchased has a Farymann Diesel which I will probably replace since it is raw water cooled. I also want a reliable engine for transiting the Cape Cod Canal and through channels to Woods Hole and the Islands.
As part of my research on the boat I did look at the advertisement for the boat available in Annapolis. 'Ellen R' appears to be in good shape and well maintained. At this price a survey is essential. I believe the price is high, especially in this economy - you may want to get a feel from the owner if he is willing to come down before spending the cash for a survey.
I also recently bought a Cape Dory 25 for 2K that I will be sailing as-is until the Bristol 28 has been refitted. I may be sick but half of the joy I get from sailing is restoring and working on the boats I own. There are plenty of boats out there in all sorts of condition - take the time to look.
The Bristol I bought was 'Documented' and also does not have a VIN - I plan on keeping her documented - something you may want to look at if you do any extended cruising.