And by the way, in the current market, you should be able to get a nice boat, ready to go for $5k.
My brother in law just got this boat for $4,700:
View attachment 115831
View attachment 115832
It's a 21'6" Kenner center console. Very light boat, very roomy. Has a $2k spot-lock Terrova on the front tons of gear, and didn't need any work at all. The pic above was the day they brought it home. This was an exceptional find, but they are out there if you scan Craigslist and FB Marketplace daily.
Their previous boat, a 17' Monark aluminum was decent, but it felt small as the boys grew up. They worked on for several months before being able to use. For the price, it was well worth it. They are much happier with a boat they could just get in and go.
So it really depends on you. Generally, when you consider the overall cost of restoring a boat, if you buy for the right price, you can get a deal, but often, when you add the purchase price plus the restoration costs, it's cheaper in the end to buy a boat ready to go.
...says the guy who has restored and flipped many, many boats...