The answer to your question depends upon these issues:
1. Was it completely submerged, or only partially?
Many great boats take a little dip... but once the water meets the wood,
bad things happen exponentially
2. How long was it in the submarine condition?
Troubles expand at the square of the time submerged
3. Where did it take it's dive -- warm water or icy cold water?
The colder the water the better.
4. What was done for immediate CPR when it was rescued? If nothing,
you will probably be fighting mold
for years to come.
5. How did the water get in there?
If it was clean rainwater, that's one thing. Seawater, oh, bad. Muddy
river water, yikes.
I own a Cal
28-II that took on water when the prior owner left a port open for a few weeks and it rained, and he failed to maintain caulk around the deck fittings. The devastation was pretty amazing. It's taken two years of off and on work to restore her. For some strange reason, boat builders fail to seal their plywood
when constructing bulkheads. They fail to seal the flooring
material on the underside (duh!), and they ignore the fact that balsa absorbs water like a sponge. Had they spent $ 5 on liquid sealant
for all the balsa around the deck fittings, and another $ 5 on sealing the edges of all the plywood parts
, it would have been a no-biggie. As it was, I learned the art of drying things, locating and removing rot
, sealing things, and how to replace/restore delaminated ply. Now the boat is stronger than it was new, sealed tight, reinforced and ready for a typhoon, maybe.
Do not attempt this sort of project if you plan on sailing her in a season or two. Plan on getting to know every square inch of the boat, probing every fitting, deconstructing and reconstructing bulkheads, cabinets and winches, replacing wiring and electronics
, etc, etc. It's completely uneconomic. You've got to like projects, be incredibly attentive to detail, have the patience of Job, and realize that once you are done, you will have a boat that you know so well that you will probably keep her forever. Oh, did I mention that you will dump money like crazy? BOAT - break out another thousand.