I've been through a few boats. Imo, it doesn't look to bad for a low budget rig, yet you gotta consider the money-pit factor. I would definitely look for good compression in all cylinders. Other than that, just consider this: saltwater is a bitch, and she looks to have some age on her.
Just to give you an idea on rough equivalent value, I bought a 14' Mckee with a 48spl Johnson of what looked to be about the same age(late 80's) for 1500 about 7 years ago in VA. It was a decent deal, but the exhaust manifold/riser corroded 2 years later making the power head useless.
Over time, saltwater will always win. I always tell my buddies, "ya gotta pay to play." It could prove to be a worth-while cheap rig for the summer...with a few $$$.
My closing thought: Drive inland and get an old lake boat. It'll be worth it in the long run.