What price/age?
Lot's of factors to consider. I went through a very similar situation this year with my H23, and about 10 years ago with with an MFG 19. We bought the boat in February, and the depth of the cabin water was not as bad as what you described because it was frozen in sections behind the various bulkheads! However, I believed I was seeing all of it and had some pretty good ideas of where it came from through posts in this forum's archives. In my judgement, the work I knew I was signing up for was balanced with a low price and a boat age that was in the range acceptable to me. Also, I believed I was capable and knowledgeable enough to tackle what needed to be done. With small boats, I think it usually comes down to cleaning, painting/oiling/staining, minor rebedding and refitting. I pretty much replaced all the electrical systems, but it's just simple 12 volt lights and accessories. We have over 300 hours in our project, but could have sailed about halfway through (but we kept it on the hard for ease of working on it). Depending on your tolerance for mold, be prepared to replace the cushions and hull liner. Cushions on your boat will run $800 to $1,000 depending on your approach, unless you do a salvage job like I'm still in the middle of (waiting on the Admiral to finish sewing new covers for foam inserts that I washed multiple times in a bathtub). If I had a do over, I'd fork over the bucks for a new set of cushions. Nothing could be done about the hull liner except rip it out, which turned into a big job. I neglected sail condition in my inspection. Ours are usable, but will need replaced soon. Finally, I was prepared to walk away and writeoff my small initial investment if I found a big surprise (like rotted unfixable bulkheads or some kind of keel separation that could not be dealt with).Was it worth it and would I do it again - absolutely! I am very proud of what we accomplished and believe we saved a good boat from becoming a derelict. Also, I enjoyed the restoration work, although it might have been hard to detect my happiness during some of the darker moments. My experiences are documented in more detail in the small boat archives.It's different for everybody though. Some will tell you to spend a few thousand more and get one ready to sail right now. That is certainly a valid viewpoint, too. Good luck!