Never heard of rotten fiberglass. Typically, trailered boats will use the ablative type bottom paint, which sloughs off as the boat moves through the water. It is often common for boat owners to paint the existing bottom paint every year(or season). Thus you'll see a number of layers revealed if there hasn't been a repaint over a period of time. As long as their are no serious "blisters" (which is not a paint related issue) then you have a great opportunity to dress this boat out nicely for the cost of a gallon of bottom paint.
One comment though, your picture looks like just a view of the boat's bottom. Which is the part of the hull below the waterline. I'm I correct on that? Move back and take a picture of the hull from the waterline to the deck (this area is called the "topsides"). If the topsides appears to be the original gel coat finish, but is chalky or faded, it can be brought back to life quite handily by some light compounding and buffing. You can also do this for the cabin and deck areas that aren't non skid sections.
Finally, the non-skid areas on older boats will often have small cracks or "crazing" that can also be easily refurbished. That was the case on my boat, I used a product called Kiwi-grip that covered the old non-skid area with a roll on, textured finish, making it look brand new.
In summary, I think we're talking about cosmetic problems that are common fix ups. Of way more importance are structural issues, plus, sail, rigging and hardware condition. So make sure you address these things before making your purchase decision.