At first blush it looks like a fairly decent deal. I don't really care for the OMC SailDrive; and am not familiar with the Hughes 31; but I've looked at a lot of 29-33 ft boats in this price range and it seems fairly typical as far as age and condition goes.
If you look at the link below, you'll find a "Valuguide" which will let you know the general range of ASKING prices for various boats in Ontario and occasionally the Maritimes. These are not the prices the boats sold for, they are what the owners thought they were worth. If the boat is in good condition, then it's not a bad price for a 31 foot boat. Hughesbuilt fairly strong boats. They are not the fastest things on the water but tey ar not the slowest either.
I believe they made a Special Edition of this boat, the 31SE that had a few extras and go-fasters. Perhaps you can ask oin the owners' association sites..