Repairable... IF you have time & money
Bidding is now a bit over 5K. Considering that when done it might have a market value of 15 to 22K (strictly IMHO), is seems like the buyer will have to value their labor hours rather low. Grinding down to good material and then laying new glass and epoxy is only part of the process. Fairing in to the existing layup might take over 50 hours...
Then would come an LPU paint job to cover all that new glass work -- and the yard cost for that would run over 6K for the hull alone. Stripping hardware on the deck to do that part would more than double the repaint cost. Again, that's just IMHO.
When you get all done (presuming you get the LPU really smooth and slick, the boat's value is probably more towards the top of the scale... but then you still have to consider the market resistance to gas-engine sailboats.
Being a classic design from a name builder is all in its favor.
As another sailor often sez on a NW sailing list: "Beyond this point there be dragons!"
(Oh, and do not forget trucking costs, once you buy it...)
Cheers,
Loren