Thanks for all the input everyone! I did go to see the boat this week. He has done quite a bit of work and pointed it all out. In addition to refinishing all of the teak, he has replaced a starboard bulkhead and reseated the leaking chainplate that caused it. He did nice work on the wood and fiberglass. Refinished the iron keel, and painted and buffed the hull. He ordered some new standing rigging to replace lines that were kinked. He says he has plenty of running rigging around to refit the entire boat for me. The mainsail is almost new from Sail Warehouse and the jib looks good. I don't know what type of jib it is. He offered to throw in a roller furler/jib if I wanted it. He also replaced all of the electrical switches. It is missing the swim ladder. Maybe it was never installed, or the holes where covered since.
Everyplace on the boat is dry, but of course it hasn't been in the water in a while. The keel bolts look shiny, and the cabin smells like it has been dry for the duration of its life.
The trailer is in okay shape, but the tires are showing some dry rot. I did not check the bearings.
The boat was in fresh water all of it's life. Is there anything else I should look into? I get a pretty good feeling from the guy, he has been refurbishing boats for 12 yrs since his retirement. He is just asking a too much without a motor.
We think that a trailer sailor will work best for our first boat. We can store it on the trailer at the local marina for a fraction of the slip fees and we can take it to other local lakes in Arkansas if we want. We want a modest cabin and room for 4 people at least. I don't want to get in too deep financially into the first boat in case we want to either move up in a year (likely), or want to leave sailing (unlikely) and sell it. I don't mind adding a few items (VHF, stereo, depth/speed, clamcleats, etc...), but I also want it to be water ready. This one seems like it might fit these criteria. Unfortunately, there just are not that many boats for sale in this area that do.
Thanks again for the input.