Even if it was free, a 47 year old boat seems like a purchase with a lot more negatives than positives.
Even under the best of circumstances, it seems as though boats are always needing something that costs more than you'd think and a boat that is in the twilight of its operational life seems like it could easily become a bottomless money pit to repair and maintain in a safe operating state.
I'm not particularly risk adverse, but the saying that a boat owner's two favorites days are the day he buys it and the day he sells it, didn't happen without a good reason.
