Do you guys think it would be reasonable to budget for an initially purchase of around 25k, and then finance the rest of the necessary repairs?
Not the way you want to go. As a young sailor who knows many other sailors young and old I can say with absolute certainty that financing repairs and refits leads to major problems. A lot of people are hurting from the same sort of thinking in regards to housing and the recession.
You say you will have 25000 for the boat saved up? Then you have 25000k to work with. Do not cripple yourself with over extension. Do a quick search online and you will find plenty of beautiful, well-built boats available for 10-15000. I cannot stress the importance of having extra money. You WILL run into difficulties so do not handicap yourself. You need a nice cushion. Otherwise you will be one of the many people I know or have seen with too much boat for their wallet. What happens then is their boats sit and sit falling deeper into disrepair until one day they sell or scrap the boat.
You want to live on a sailboat or you want to sail on a sailboat? Big differences there.
If you have $25000 do not spend more than $18000 on your boat. Do not do it! You here me over there in Rado? DO NOT DO IT!!!
Also, GET A SURVEY!!!