um... she could sink.
I can tell you what happened to me. Although not with a boat, but the point will be made just the same. A few years ago, strapped for cash, but really wanting a Harley, I found one that was way old, had been for sale for a while, but hey it ran and fit my budget. I have since poured enough money into keeping her running to have bought a new one and slowly paid it off. This may have been acceptable had most of the time been spent riding, not reparing. It now sits in my garage, next to my new one, which i ride all the time. That old bike hasn't run in over 5 years now.
Don't make the same mistake I did. It's not just the cash in the end that will be the issue, but the lost time.
Hope this helped