I originally posted under this link: Advice on purchasing a Nacra 5.2
A big thanks to those few who responded!

I looked at the boat on Sunday. It's been owned by an avid sailor who's let it sit in a covered spot for a year or two now because he's on to other boats. It needs nothing, technincally to get out on the water. The seals on a couple of the top ports on the hulls are leaking, and that's why it takes on some water. The gelcoat over the whole boat is weathered, and bottoms show obvious wear from beaching. The daggers and rudders all have their bottom points worn and show exposed core. Each will need epoxy and gel coat to get them back to their proper state. There was a patch applied in a couple spots inside the port dagger well to patch two leaks. I did the soap water / pressurized hull test, and that appears sealed now. The aluminum all shows typical weathering of age, but everything is straight. I took measurements corner-corner, and the boat is nice and square. The rudder-tiller assy all seems tight. Sails are hardly new but in decent shape. The trampoline looks no more than a year or two old. The lines are all weathered but present and in working order. Comes with trailer that is in fine working order but with some rust here and there.

Probably like a lot of you, i'm kind of anal. I would start by fixing the rudders and daggers, fix the leaky top ports. Then probably get new lines, probably think about refinishing the hulls at some point if the boat becomes my new pet.

Couple questions:
1) Am I biting off more than I can chew?
2) Is $1000 a fair price for the boat in light of the work that needs doing on it? $750? $500? $1250? I expect that it's somewhat of a fixer-upper. It could be sailed tomorrow as-is, but I'd want to turn it into something I could take a little more pride in.

I hope some more people can chime in, maybe give me some advice based on their experiences.