Thanks for the feedback everyone. Just to be clear, I'm not planning on using this boat for deep-water. If/when I do that it's very likely I'll upgrade to a larger, more appropriate boat. That will be several years down the road.
I'm a bit surprised that so many are saying $20k is low for a used boat in that size range. I've been trolling the sales sites and I'm seeing a lot in that size-range in the $10k price range. We'll see when I start looking more closely. I do know that I don't plan on doing a full refit right away but will do things as I need them. I'll be earning income along the way so the $20k is just an entry point. My current income is about $1400 a month which is 3 times what I need and I anticipate it'll be double that by the end of the year which will give me plenty of extra.
@ Dean, I've been "backpacking" for over 2 years. I put backpacking in quotes because what started out as a traditional backpacking trip has pretty much turned into me living in Mexico.
But I still use a backpack so...