DO,
I have to agree with AL on this. Sometimes folks put cost before condition in their buying thought process.
Many times, they realize it was not their best decision making. A 1974 (44 yr. old) boat judging by the price, is not what I
would deem the best overall choice.
$3,000.00 is a cheap price however, you will discover many other issues that create other unseen projects & costs. I bought a "project" boat once because I liked the price however, I ended up paying a higher price in time, effort, & material.
I then swore to myself that I would NEVER go that route again. It took a full 2 years with very little time to sail.
Rather than just looking at the cheap price, upgrade your thinking to buying a better conditioned boat to enjoy now.
This is Just my personal opinion, happy hunting.