Re: advice on buying a boat that need work
Its called a survey and a spreadsheet. The survey will identify the condition of what's there and you build a spreadsheet for what it wil cost you for repairs. Don't forget to budget your hours of labor, which will be a lot more than you can imagine at this point. Then ask yourself do I want to spend that much on this boat.
You probably should assume that the boat has had no maintenance for more than a year and that the water intrusion is from multiple locations, not just the packing gland. Fixing rot can be a very expensive and time consuming project.