Assuming that the core and transom are not severely rotted, that looks like a very good price. Even if there were transom problems, you could get that re-built and still come out ahead. However, given the quality of the work done on the fairly drastic helm modification AND the huge amount of fuel he appears to be carrying in a 16, I'd wonder about any other work the owner has done on the boat. I'm guessing the reason the bottom paint is up so high is that the boat appears to have both the original fuel tanks at the stern + what looks like a fairly large additional tank. If I'm correct, the reason why the main is mounted up higher and the paint line is high, is that he added so much stern weight in extra fuel. If the hull is still in good shape, all of these issues can be corrected and the cost is pretty good. I'd definitely have a surveyor look at the full transom and hull and I'd definitely figure on yanking out and redoing all his wiring, the extra tank and remounting the main. E.g. it looks like a good price on a project boat. If you're willing to take on a project (or pay someone else to take on a project), it could be a good deal.