I think it's going to cost more to store and fix than it will be worth, and will prevent you from sailing for a long time. Sorry, try to never get emotionally involved with a problem boat that isn't your problem. A survey on that boat is going to be thick as a book, the owners list ain't half of it. Prices for other boats assume a "ready to sail" condition, it's going to take a lot of money to get this one even to that "low bar".Well the price is for sure in line, with what needs to be done. ( extremely under priced vs what I have found nationwide for any 375 First ) A few of my friends where I live, know the owner, and have giving me information on how he kept it. I am not trying to point at neglect, but seems to be overall comments I received for them.
I overall was not wanting to get into a project boat, but with the price on it, I am leaning towards worth it.