buy a used boat that's complete
I have a Ranger 22 for which I have been replacing most of the items you describe over the last 3 years.
a full suite of used sails for $500? seems unlikely.
standing rigging? $500
running rigging? $500
hardware? you mean this hull is stripped?? no winches or anything? $2k+ for new.
There are race ready Santana 20's and 22's going for $3k out here in California, which in my view is a much better investment because--then you're on the water. Used J boats for not much more than that.
My own fixer upper is a labor of love but I wouldn't recommend it to anyone else. it is much more expensive than you would think piece by piece.
Last edited by FijiSomeDay; 07-25-2011 at 02:07 PM.
Reason: added info