Reality check for future solo cruising budget- $70k to start and $3k/month?.

[WhichCoast]

Ahoy!

I'm a landlubber just getting into sailing. I have three years to become a more competent sailor before starting this adventure. I'm day sailing about once a week with friends in the Los Angeles area and will start helping with boat maintenance. I won't bore the group by asking what "bluewater" boat I should buy. I will bore the group with a budget question.

Brief: Is $70k to get started and $3k per month enough to cruise the Caribbean?

I'm 56 years old, penciling out a budget for a post-retirement cruise starting in 3-4 years. I want to be reasonable and say I'll commit to sailing for 1-2 years and then decide if I want to keep going or try something different. My health is good now but I'm aware that people age and have surprises so I want to do this immediately upon retirement when my chances of strength and health are greatest.
I've read enough posts and "for sale" ads to see it's common to sink $50k of upgrades into a $40k boat and have it worth $30k at the end. Therefore I will be pessimistic and say that after 2 years my "investment" is worth nothing. For purposes of this exercise let's assume zero inflation- use 2021 U.S. dollars.

My "dream" is to retire, sell my home in California, buy a condo with the proceeds and rent it out. Then head to the east coast or Caribbean and buy a sailboat. Spend some time getting it ready then spend a few months learning the boat in whatever local waters I purchased it. After that spend at least a year sailing and exploring various Caribbean locations. Then either continue, find a new home port, or decide that was enough sailing and go back to the mainland.

I'm doing this budget exercise now before getting too caught up in the romance of sailing the seas to see if it is actually affordable.

Budget basics (in 2021 U.S. $):
$70,000 (ideal) to $100,000 initial expenditures. To include:

• $30k-$50k boat purchase.
• $5k survey, haul out, initial professional maintenance and minor repairs.
• $5k travel and living expenses until I can move aboard.
• $0k to $25k major deferred maintenance and upgrades such as paint, rigging, sails, canvas, engine, tender, etc.
• $0k to $10k electronics and self steering upgrades.
• $3k personal and safety- life preservers, PLB, float coat, foulies, etc.
• $5k training, licensing, delivery captain if purchase location isn't suitable for my skill level.

$3,000 Monthly budget:

• After income taxes and "at home" expenses.
• Not including health insurance.
• Not including occasional trips home (by air).
• Should include all regular day-to-day expenses.
• Should include routine maintenance and replacing worn equipment.

These numbers would let me do this adventure and if I decide it isn't for me, or the boat is lost/stolen/worthless I can go back to land and resume a more normal retirement. Another option is to spend more upfront (better condition or newer boat), insure it well, and assume I'll get some back it I sell it.

I'm a DIY'er and have worked on cars, motorcycles, built an epoxy/plywood kayak, lots of repair work at home, wired a house, extensive experience with RV 12 volt systems. I expect to do much routine maintenance and minor repairs myself. That said I want to sail and cruise with a safe, reliable boat- not a project that sits in the boatyard.

Note that I didn't specify the boat- that will depend on the budget and what's available at the time. I'm assuming it will be a monohull in the 30-35' range, probably 20-40 years old. Suitable for a new sailor in somewhat shallow waters, anchored out more than at paid moorings or marinas. It will mostly be myself with help for long passages (at least at first) and 1-2 family members for the occasional vacation week or two.

Is this budget reasonable? I realize most people posing questions like this probably never follow through so thank you for your indulgence.