Is this the diamond in the rough?

[AZ Parothead]

Looking for some input. This boat is a 1978 Formosa 46 currently wallowing away in Puerto Penasco. Have checked her out thoroughly and it would be a
major project to restore her. We have skilled high quality marine labor available here.

What would have to be done:
1. Remove the deck and reglass underneath
2. Rebuild the cabintop (maybe new portlights)
3. Repair a leak in the stuffing box
4. New tanks
5. New wiring
6. Newer sails
7. New running rigging.

There are currently 6 other Formosa 46's for sale on YachtWorld--all LISTED around 100K. Owner wants for 14 for this boat and I'd offer 7 and wouldn't pay more than 10. We have rehab'd boats before (new motors, transoms etc) but this would be the largest project we've undertaken.

So knowing the risks, what do you think??? More info and photos can be found in this thread:

http://www.cruisersforum.com/forums/...lz-169816.html

I am currently 50/50. The Admiral is 70/30 yes.

Truly appreciate your opinions!

Thanks!