Yep but that is not what the market supported at the time and used boats were going for a lot more then than now. The spread between a top notch boat and one needing thousands in upgrades is still a similar spread... My concern with any boat that was holed is how far did it sink? Wiring, engine, deck core etc. etc.. Some if these issues show up years later and can cost big.The one needing restoration was really worth about $4000. Because when it was finished it would have all new systems.
At the very least a boat like this needs a good survey by a COMPETENT surveyor to determine the extent of the structural damage. Fiberglass repairs add up fast and that's just to get it floating again.. The Gurney designed I-36 is a decent boat and I think they still have a good owners association. The little Bob Perry designed I-28 is a really sweet boat for a smaller one and the 32 MK II is also excellent and you can get a floating one for around 15-20k...