Oday generally built a solid heavy boat. But if you don't have the experience to survey a boat, to be sure you are sounding the deck and bulkheads for internal rot, etc., then all you know is that the guy who didn't get the paint job right, might have made other mistakes.
I'd suggest a surveyor, even for a free boat, because a free boat sometimes is a real steal--but usually means "How the hell am I gonna get five thousand pounds of toxic waste out of my yard?!"
If you buy it and there are problems you haven't found, yes, you really may have to pay hazmat fees to have it hauled away. You can take a bath on it. And if there's nothing else wrong? The cost of cleaning off all that paint may compete with the price of a boat that doesn't need stripping. (And many yards won't allow you to strip paint, another hazmat problem.)
What's the saying? What doesn't kill you makes you stronger. Or broke.