Tolly's are a West Coast classic. The have a reputation of being well built. It will never win a speed race, but at $1.60 a litre on the West Coast, I'd be afraid to touch the throttles. I would save that for a family of 4 it will be a little cramped after a few days. However, they are simple to work on, and have several strong points, including a molded cabin structure (Means if windows leak, easy to fix by re bedding the windows), and a good name, so when you are done with it, you can sell easy.
Having passed it's 40th birthday, I would strongly suggest a survey. Who knows who has done what over the years. An engine rebuild can mean anything from a ring and gut kit to a complete reman. The engine in the beast is on the list of less costly things (A brand new small block is $2200 brand new in the box, risers and manifolds cost just as much and are often resused!)
Make sure the surveyor checks the steering system (Can big big bucks to fix if the old copper lines are showing age, if flexible lines, don't wory about it), and of course, making sure the deck cores are sound (No one drilling little holes in them). Survey survey survey. Things that make money grow wings quickly are not obvious, these include:
Canvas (BIG Bill here, often overlooked as a cost)
Seat Covers/Head Liners - Nothing becomes a nagging problem like a sagging headliner bumping your head from time to time
Switch Panel (If original, look carefully, big bill to replace and you won't find one that fits the original hole in the dash!)
Electrical Panels. (Once again, probably won't find a replacement the same size, so expect a lot of wire butt connectors if it's gotten wet)
Wiper Motors. $200 each to start
Original MOrse controls - Make sure they are not sloppy.
A good survey will help with some of those. But it's often the less important things that are overlooked. If it all turns out OK, you have yourself a nice ol' Cruising boat.
