Some thoughts...
I own a 1982 Morgan 46, but my ideas probably apply to any project boat. First I'd try to determine a 'fair' price for the same boat in good condition within your search area and work backwards from there. From that price start subtracting major repair costs. For example a new engine will probably run in the $12,000 - 14,000 range installed. (Prices could vary depending on where the work is done.) If the old engine can be rebuilt I might deduct less. Go through existing systems that need repair and adjust the price accordingly. I wouldn't deduct for items you want, but that aren't installed. I might also factor in a 'desirability' factor. Is it a boat you really, really want - if so be prepared to pay a little more. Conversly if you know the seller must sell offer less. I went through this when I bought my Morgan. When I was able to substantiate my offer with details we reached a price that I felt was fair. (The price was validated by the survey.) Note: I used retail prices with the work performed by a shipyard but I've done most of the work myself. Some things to look for in a Morgan 46: Mast steps - look for rot in the wood under the masts Side ports - prone to leaks with damage to the veneer under them. I have a small area of deck delamination, but I believe that was the result of the a previous owner's improper mounting of some hardware. I'm sure there are more things, but I can't think of them right now. Let me know if you have more questions, and should you buy the boat I have an owners manual, and other manuals that you might need. Steve
