What is this boat worth paying for???

The one I'm interested in is a Cheoy Lee Robb 35 built in 1964 Teak
over Ipol with bronze and copper fastners. The engine is an Isuzu
Pisce 3 40hp 3 cylinder (which was new in 1976 and has 910 hours). The
boat can be view at: http://www.cheoyleeassociation.com/Sale/Tigre.htm

I did an inspection this weekend and found the following:

1. Plywood rot (delamination) under deck above V-berth
2. Worse plywood damage around cockpit area.
3. There are a number of steel frames near toilet that had various
degrees of rust.
4. Near the engine I found a number of what looked like cracked ribs.
There seems to have been an attempt to sister these frame but the job
does not look very good.
5. Also there is alot of rust on engine (maybe the deck over engine is
leaking).
6. A few of the thru hulls seem extensively corroded.
7. Extensive rot of hatch (but not the hatch frame) over V-berth
8. Some rot (discoloration) of teak below hatch at base of V-berth and
floor.
9. Teak deck seems to be heavily worn. A shipwright, who looked at it
the other day claims that it will cost $60K to replace the deck in
teak and $30K to replace deck in fibreglass.

However: if you look at this boat is hard not to have a very favorable
impression. Its a beautiful boat. And for the novice like myself it
seems very well maintained. Of all the wooden boats that I've looked
at in awhile, it seems to be in the best shape (maybe thats the nature
of wooden boats). Yet still, I'm looking at having to put alot of
money into her.

A little history on the boat. I believe the boat has been on the
market for almost 2 years. The original asking price was $35,000. In
June, the price was reduced to $26,000. Just this month the price has
been reduced to $22,000. The owner has left on a long cruise on his
new boat and the sale of the boat is being now handled by a broker,
although the owner can still be reached through email.

Here is a link to the photos I took:

http://f1.pg.photos.yahoo.com/ph/eha...tos.yahoo.com/

and

http://f1.pg.photos.yahoo.com/ph/eha...CheoyLeeRobb35


After talking with a number of Cheoy Lee Robb 35 owners, one purchased
his boat, which he claims was in similar condition for $5K. Another,
purchased his for $16K (this boat had laid teak deck so didn't have
the plywood delamination problem). However, a surveyor that I talked
to claims the Blue Book value a 1964 Robb 35 is about $20K. For a
boat in perfect condition I hear the max one could sell it for is
$40K.


What do people at this forum think?