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I think the real core issue is what one thinks to oneself getting up on a Saturday morning...
If you think "I get to work on the boat today", then a project boat may be for you.
If you think "Crap, I gotta work on the boat today", then steer clear.

My 3-year refit of a 1968 Hinterhoeller HR28 has absolutely increased my gratification of sailing it and bringing friends aboard by multiples. In every nook they look, they ask "Did you fix that?" or "Did you replace that?". There's not an inch I haven't inspected, upgraded or verified to be sound.

I do not want to undertake another 3-year project, but the one I did tackle will be with me for a very long time; and is a great source of enjoyment and pride.
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