Doing all of the work yourself is a great way to save lots of $ (if you have the time) but just like in the automotive world....parts get very expensive. On this boat you will be replacing all of the running and standing rigging which will easily run over 1g. There must be extensive water penetration into the decks (if not the hull too) Epoxy and fiberglass aren't cheap, as well as the other related materials (core, sanders/grinders). Then there are the sails, motor, electrical systems, pluming.....etc. Boats are like a can of worms...way more than anyone would think physically possible for their given size. If you take some time and find a boat that someone has taken good care of for many years, that is only parting with it due to age or health issues, or lack of use, then you will spend more initially but will spend much less in the long run. The boat market in the US is pretty stagnant right now so it's a buyer's market.
I am only saying this because of my experience. My first boat was a Pearson 26. It was a good boat, only needing a good cleaning and a new head/holding tank. I bought it for 5k... I sailed the crap out of that boat and worked on it here and there...mostly sailed it though. After a few scary nights out on Lake Champlain including a near broach (lots of water in the boat), an outboard that wouldn't stay in the water in heavy weather and heavy pounding in steep waves, I decided that boat wasn't safe enough for my kids. Having my daughter say " daddy....can you make the water come through the windows again " was the final cincher though
So i Bought my current boat for very cheap (10k) thinking i would do all the work and save lots of $. Well.....I spent about 12k on parts, worked my ass off and now the damn thing is sitting on the hard in a yard 3 hrs from my house........a can of worms i tell ya. So don't take on a project bigger than you can handle...or ya won't be sailing nowhere.
Although, if i wasn't married with 2 kids I would have had way more $ and time so maybe it would work for you!!
Oh yeah....my big mistake. I hired the worst marine surveyor around (unbeknownst to myself at the time) and put too much faith in him! OOps!