There are tons of great boats in the 20K range with newer power. Talk to a credit union if you want to preserve your cash. Rates are so low it's like free money. I'd rather have a fixed $300/month payment for 5 years and be fishing than an unknown variable wallet hemorrhage and commitment to do 2 full years hard labor grinding fiberglass.
I am saying this right before I pickup another large project boat
but I have a 27 x 50 shop, a good working 23 center console, nearly all the materials (including rolls of 1708, a precut drop in marine ply transom core, epoxy primer, awlgrip, two 200hp motors, hydraulic steering, trim tabs, fuel tank) + parts to assemble it the new hull. See what kind of excuses . . . I come up with to try to convince myself this project is a good idea
That's the sickness. I'm still budgeting 5 grand for a drum (55 gallons) of resin, rubber gloves, sandpaper, brushes, acetone, misc parts to slap it all together. When you break out the costs of each of those repairs listed above and factor in your TIME at $7.50/hr (2nd job @ a tackle shop pay) . . . You can't make an argument for saving money by buying a project hull even if you get it for free.