there are lots of concrete boats and ships out there.
Are there? There was a small surge in construction in the 60s and early 70s, are any of those boats still around?
How old is the boat in question? I don't have experience with ferro cement boats outside of what I was told growing up as a sailor and my previous post outlines the major points there. However, I worked as a mold builder for an architectural concrete company in Sarasota and have done some work of my own in concrete
A concrete bridge I built, about ten years ago, over our pond. Concrete is cheap and easy to work with, but it is not strong in tension and is pretty inflexible. There are bonding additives that improve on that, somewhat. With poly and glass fiber reinforcing mixed into the concrete, it can be much stronger in tension. My concern would be about the weathering and the stress of use a sailboat is subject to. Ocean waves, wind and rocking on the rigging anchor points, Winter ice, ... all work to undermine the cement bond on the aggregate material. Tiny stress cracks in the gel-coat of fiberglass doen't mean the underlying glass is weak, but with a concrete boat, any surface cracking could mean there is no more tensile strength left clear down to the armature. It requires an enormous amount of rigidity and strength of materials to keep a 40 foot hull from flexing in a stormy sea. I don't think concrete is up to the task for more than a few storms.
I would want to see the bare concrete, no paint, especially around the keel, inside and out. Look for loosened chain plates, rudder post, deck to hull connections. Anywhere the weather beats on her and wherever she might be inclined to flex when coming down off a big wave with the mast whipping about.
Cement boats are heavy and tend to be slow, not that that is a deal breaker for a sailboat. I'm just not a fan of the whole concept, but, like I said, no real personal experience.
Good luck on you're quest.
-Will (Dragonfly)