"I just started it up with the muffs and runs great" is the boat equivalent of "Air conditioner blows cold". If you go in with eyes wide open, and can do most of the required repairs and upgrades, maybe, but besides the power, a soft transom, water intrusion, and other structural issues, which are deal breakers, an older boat is always a gamble. Ask yourself, if it's such a good deal, why hasn't someone local who can or has seen it snatched it up. Good luck either way.