I actually own and sail a Vagabond 47 and have had none of the problems
identified by Mr. Ace-High. I have owned the boat one year and sailed it
about 2000 miles. I have found the boat very seaworthy, no deck leaks.
It is a 1983 and has had the rigging replaced when they replaced the
wooden masts with aluminum. Being ketch rigged it is easily handled by
two people. We are living on it and find it compfortable and roomy. It
sails well on a beam reach or down wind. As you would expect, it doesn't
point well. It is not fast. You can sail reasonably in 10 knot wind, but
does best in 20. 15-20 makes for a pleasant sail. I have had it out in
30 knot winds and stayed dry and felt safe. I averaged 5-6 knots bringing
the boat up the East Coast. It has a full keel with all the associated
pluses and minuses . This particular boat has been sailed from Taiwan to
California, then through the Panama Canal and up the East Coast. I would
make the same decision to buy her again. My wife would leave me if I sold
her. As with any older boat and particularly with a teak deck, you have
to be careful and know what you're getting. I have a good friend who has
captained everything from a square rigger to oil tankers and he has
nothing but praise for the Vagabond. Good luck. Hope this was helpful.