As you start looking at boats, you'll find mostly fixer-uppers at that price
range, and I think they're harder to re-hab than houses.
You're a relatively new member
here, I see, so let me make a couple of suggestions, please:
1) Before you turn loose of your hard earned cash, read the thread called "Surveyor 101" here on CF. It will give you some ideas of how to look at boats.
2) If this is your first sailboat, you'll be able to get a better, smaller, boat at that price
Look at the costs posted for re-engining--if small enough, and if designed for it, you can get by with an outboard
. Also, check costs for new sails
If you tell us more about where you want to start your sailing life, just your preferred region, the CF'ers will be better able to offer advice