Ericson 34T

[Water Dragon]

A co-worker of mine is selling his 34T. It's not very pretty and needs a little TLC. The original inboard engine is gone, and it has an outboard instead. Has wheel steering, a propane stove, diesel cabin heater, and not much else. He says the rigging and sails are in good shape (I've only taken a quick look at the boat so far). He said he would sell it for $10,000. Does this sound like a reasonable deal? Is the 34T a good boat for long range open ocean sailing? If I buy it, I'll probably get rid of the outboard eventually and put in something else, maybe electric drive and diesel generator.