Sounds like the same boat. Sun deck with a cockpit? BTW it was made by Cheer Men Marine, not Cheerman. Mine was re-engined with John Deeres at some point by the first owner, well cared for by the second, and I have changed out, added and/or upgraded many things since purchase in 2010.
It looks like yours is bank owned and needs "TLC" and a "diligent buyer". http://www.boattrader.com/listing/1985-PT-42-102046840
I'm a home inspector. That language would raise the hairs on my neck if it was an MLS listing. At $40k it could be one hell of a bargain, a fair price considering what it needs, or you might be on the precipice of a deep money pit. Not sure I can be of much help at this stage other than the standard recommendation for a very FULL survey, including haul out and sea trial, especially as you won't have a previous owner to talk to. Presumably you would be buying it as is, but hopefully not committing blindly. A surveyor should be able to give you some idea of what the boat will or might need now or in the near future.