Me and a friend were looking at a 1941 36' Crocker Custom Ketch. This boat was listed at a rediculously low figure and has been on sale for a while. It is moored in water and as of 1999 has a new Westerbeke diesel engine with 66 hours on it, and is complete with working sails and rigging.<br /><br />My question is when we looked below, apart from the obvious very neglected interior that needed to be totally refinished and put back together, there was water that was seeping through some of the seems on the hull, more of a wet condensation type intrusion, but even from the outside, it was evident that it needed an out of hull repaint, as you could see some rust bleeding through the seams of the wood planking.<br /><br />The wood all seemed solid, but I was concerned if some amount of water intrusion on this old a wooden boat was just a "given" or should you just run from something like this regardless of price. Listing says, "structuraly sound hull" which could be subjective.