been there, done that...I put a Cigarette 28SS together from scratch and Wally has as well. Some things I would suggest about this type of project are:
Look for a boat that does not need to be completely repainted/regelled, because, in my opinion they are worht more on the backend than a boat that's been painted.
Salt or Fresh, it really doesn't matter if you plan on redoing/replacing everything, but if you're looking for something fairly turn-key, you should look for a fresh water boat...and be prepared to spend some bucks...jus take a look at that Magnum on Ebay.
The biggest problem I see is that there are alot of 28 Cigarettes, Magnums and 35 Flat Decks out there that have been redone 2,3 or 4 times and have had more holes patched up than a pice of swiss cheese. Your best bet is to find something like Too Old's boat that hasn't been hacked up and leave it just that way.
Resale is pretty lousy on the old girls, but guys like me look for boat that are completely original or close to it, although, guys like me are few and far between, so prices are pretty low...I think Too Old let his go for about 45K which is cheap of a 35' performance boat...never mind it being a Cigarette.
Bottom line is right now there is a limited market for these boats, so it could be a buying opportunity for someone with some spare change laying around.
If you intend on buying a project, be prepared to spend some bucks...regardless of whether you plan on doing it yourself or not. Here are some of the big expenses to consider when redoing a boat(these are the prices I paid...individual results may vary)
Engines-------25000(NEW 350 Mag MPI with Bravo1 drives)
Paint----------5000(plain white Imron)
That's just the big stuff---Its the little stuff that kills ya like steering(I bought cable, not hydraulic), gauges, throttles, switches an panels, props, tie bar...the list is seemingly endless...
Here's the boat when I completed it after spending close to 60K
Best places to look are in people's back yards...always keep your eyes peeled and get out to your local marinas and boatyards and look behind the buildings etc
On the internet:
www.ablboats.com(many here hate these guys, but I bought my last boat from this site)
Hope some of this helps...