That was my thought exactly. Aside from it running and having Bravo's on it, all the wood in it could be a sponge just as same as the one the OP posted.

another thread to preview before you make a decision....even a boat that looks near perfect and redone can be much more work than anticipated.
I love these rebuild threads but know your limits and most importantly your budget:

Cigarette Topgun

Looking at the leaves in the boat you know the gutters are clogged and everything that ran off the roof of those two building for the past two or more years went into that hull.

The Owner should give you money for taking it off his property. This is a rabbit hole, without a bottom. Just my 2 Cents.

Ouch. I think I would take the fuel cap off and put a different boat under it. It looks like termites holding hands. That would be a very big resto and never recoup the cost. The owner of that boat should be spanked in a public square for treating a boat as noble as a Cigarette like that.

Man I poured buckets of money into mine and it was in 1000% better condition.
I bet that thing is wet like a noodle.

"There is hardly anything in the world that someone cannot make a little worse and sell a little cheaper(or leave outside to rot), and the people who consider price alone are that person's lawful prey. It's unwise to pay too much, but it's worse to pay too little. When you pay too much, you lose a little money – that is all. When you pay too little, you sometimes lose everything, because the thing (boat) you bought was incapable of doing the thing it was bought to do.(float) The common law of business balance prohibits paying a little and getting a lot – it can't be done. If you deal with a nightmare project boat , it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.

Vessels like this lead to A) bankruptcy and B) dissolved marriages. ...and a dissolved marriage can be more costly than than this vessel would ever be worth. Think "divide by two..."

If that was in my backyard and I could find someone to give me $50 for it, I'd laugh my ass off as they haul it away. The only value from that boat is what the trash man gets paid to haul it to the dump. Run! Run faster than Forrest Gump!

And to any of you suggesting he should go thru with this, stop picking on the new guy!

If he'll give it to you, take it and see what you can learn from it. If you've got 100k to turn into 50k it will be a good project.

How anybody could say with a straight face "engines are fresh" is beyond me.

Oh cmon why do you want to ruin the poor guys dreams with logic,