Decisions OI 415

[svLimitless]

Hello from NC:
I'm new to sailing. My wife and I took a class about a year ago and spent a week on a 40 ft Catalina to get our ASA Certifications. Knowing this doesn't make us at all ready to cruise the world. But I've been hooked with my wife loving the opportunity for adventure on our own boat. Some time in the future I hope to sail to Caribbean and beyond. One day.

The boat that has caught my attention and drawn me in is: the Morgan Out Island 415. Big boat for a beginner, but its the one that I wanted at some point in the future. I had decided to get a smaller "beginner" boat when I was blessed with an opportunity to scoop up an OI415 at a great price: $16,000. She needs some loving but is "a good boat" according to the broker. I've had a friend that I trust who agrees with few caveats. Tacking on an additional $10-15K on repairs: New jib, roller furling, engine serviced (previously rebuilt but sitting), carpets & floors redone, new batteries, rebuild the bilge pump and new canvas on the bimini. Are the items the yard that has her recommends to get her sailing right for cruising.

Then, as if that opportunity weren't blessing enough, another one popped up for significantly less. $5K the current owner only wants the lead in the keel and I would hate to see her chopped up. However shes in pieces. She was undergoing a refit when the previous owner ran into financial/personal issues, let the boat go to a new owner that has absolutely no interest in her and is taking up space on his property. She has not been in the water for years. Shes torn apart and I have no idea what is and isn't there. But, from what I can tell, not having seen her in person just pictures, most if not all the parts I would need to build out the first one are there. The main things shes missing are engine and all its components. I suspect it was pulled to be rebuilt or replaced but that never came to fruition.

I'd love other people's opinions on what to do. Am I on the right path? What should I be looking out for? Which would you buy? Which way should I go and are parts from a 74 OI 415 interchangeable with a 79/80 OI 415?

With this being my first boat I want something that will be forgiving of mistakes, reliable, comfortable and a great learning experience. I did intend on getting a smaller one to start but I think this opportunity is a once in a lifetime.

Thanks in advance.