For the price these boats go for, boat ownership is a bargain. And the boat is very fun to sail. I only began sailing about a year ago, so the first step for me was actually acquiring a boat. Well, I had sailed as a "ride along" a few times on bigger sailboats, which actually led me to fall in love with the idea of sailing... And also got in my head that I would never be able to afford to be a sailor... but that is another story. When I got my boat, little did I know what I was in for, but honestly I expected "uncertainty" when purchasing a 40 year old boat for little more than $1k, with little to no experience. I had about 6 months of sea trials before I had a working prototype (both boat and sailor), but it was fun learning. In my head this was the agenda...
1. Aquire boat (break the ice, lol)
2. Learn to fix boat and motor (yes this came before learn to sail)
3. Learn to sail boat
4. Make boat more fun to sail
5. Add luxuries to boat such as potty, beer holsters, electronics/gizmos holders, fancy sailing PFDs, nav lights, etc. (I think I still owe GL a night sail and some pics)
Anyway, at the end of the day what I really ended up purchasing was a hull and some spars... and everything else whether is is functional or not... has been updated and/or reconfigured. Yes, I could have left "well enough" alone in many cases, but I had too much fun learning and working on the boat to stop myself. And the projects that you do to a boat this size are not only creative, but relatively inexpensive in comparison that that of a larger boat, and in my experience very rewarding to accomplish implementation of a change that worked (though several had a few revisions). Anyways, what I think I am saying is... if you like projects and are willing to spend a little coin here and there, I would go for it if the hull and spars looked good. You will probably find out that you will make many modifications to suit you and your sailing style.
Honestly, the worst deal that I got out of my purchase was the trailer... which is my current project. But the trailer for "your boat" looks like a nice one