For about 5K you would do better to find something that is already floating and sailable. Even then, there will be plenty to satisfy your desires to have a project, but when you are not getting your hands dirty on repair and rehab, you can still enjoy time on the water (preferrably under sail). I give you credit for the insprired thought. I have poked around many a derelict sailboat only to ascertain the real and insumountable task of rehabilitating an abused, abandoned and un-loved vessel. I also have a lot of skills and I am not afraid to tackle a lot of unknowns (projects with no previous experience), but
my first priority is to enjoy the sailboat for what it is, a boat - on the water, under sail. Chances are this boat is landfill and that someone already gave up on this "project". Upon closer inpection of the photo is *looks* like something is funky with the keel - as mentioned in a previous post - is not a good sign (but it is hard to be sure from the photo).
IF the keel is OK and has not been subject to damage from a hard grounding, improper storage, etc... then to answer your question (numbers are in boat bucks; 1 boat buck = $1000):
- Used mast/boom and new standing rigging 2-4.
- Sails - main and head sail(s) (used: 1-2 / new: 2-4) Add 1-2 for roll furler.
- Running rigging (halyards, sheets, sail controls) .5-.7.
- Auxillery power (engine): used 8-10Hp OB 1-1.5, new: 3-5.
- Electronics (battery, wiring, radio, depth meter, knot meter): 1-1.5.
This is just off the top of my head and are rough, low-ball estimates at best. Padded a bit, brings it up to about 10K+
Add to that your labor and other stuff like cleaning supplies, paint, epoxy, etc...
Chances are there are structural issues related to the keel/hull joint and if that is the case it will be way more costly to repair than it's worth. Recovering parts and scrap will get you some experience with boat construction and costs related to this type of project and could provide a down payment on a more seaworthy craft.
Good luck. And if you do go for it, take lots of pictures and please report back with updates.
Cheers.