Sabry has it right, if not maintained and upgraded it's a 30 year old boat. The structure and hulls were well built, but nearly all systems would need renewing after 30 years, that's true of any boat. If your able to do much of the work yourself and you get a good one to start with you can end up with a very nice and capable boat, however, if you have to pay someone to do everything on a refit
I don't think you can make it make $ sense.
I bought one in "good" condition and refit
from there, but even at that I've put more into the boat than I paid for it. Will I ever get that back? No way! But when you raise the sails
and that large heavy well constructed boat takes off and sails
like these boats do you'll not reget the $. Plus it's difficult to get use to people rowing by or sailing by in an anchorage and complementing your boat.
Do check out the website Peterson Cutter Website - Welcome
and the yahoo group PetersonCutter : eGroup devoted to the Peterson KP44 and 46 and the F46
like the others have said they cover everything about these boats.
Just for your FYI the "biggies" to look at (and these are probably true for most older boats) are: Engine
, fuel tanks
, water tanks
, chainplates ( surely renewed some time in 30 years?), AC wiring
moisture, rudder/ rudder
tube, cutlesses (there are two), ect
Have fun, it can be a great boat.