OP, your labor and time has value. By the time you get it ship shape, I would not be surprised if you had another 15-20k invested. For that money, or a little more you can find a ton of boats that all you would have to add is ice in the cooler....
If we're talking major structural issues, I agree.
But don't fool yourself about the amount of work involved in turnkey boats. I bought "the big boat" (for me) a year ago this August, and it was ready to roll - which was good because it was an 800nm delivery to home. No serious problems. Engine good, rigging good, sails good.
But a year later I've got a long to-do list: restitching dodger, torn hose for manual bilge pump, sand/varnish everything, prop scraping + new zincs, busted nav light lens, etc. And I purposely don't have hot water, fridge, or instruments other than depth, so none of that stuff can break!
If for $1k the boat is structurally sound and ready to sail, there's something to be said for taking everything else as more-or-less what you would have with any boat of similar complexity.
The trick is figuring out which boats just need a good scrub and which ones are big trouble....