A wire brush, some tape and couple of cans of green spray paint and I can make a pair of engines that aren't worth a penny look that good. Be very, very careful when buying a very inexpensive boat, especially a relatively cheap boat originally, these days after all the hurricanes we've had.
There are absolutely no laws concerning buyer protection, nor research areas like Carfax in the marine industry. No disclosure laws either, like for houses.
There is a saying that there is no such thing as a free boat and you can add nearly free to that, IMO. Buyer beware.
Anybody considering a project like that will probably spend more in parts and labor, than someone who bought the same boat in good condition and have the pleasure of operating it over the period that the first party is working his a$$ off.
"Believe me, my young friend, there is nothing -- absolutely nothing -- half so much worth doing as simply messing about in boats."
-Wind in the Willows by Kenneth Grahame