Hmmm... Stop arguing with everyone and start working... Errr but you don't want to.
df1995,
In your own posts you state the following: "So would chainplates. I'm an old guy and I intend to spend the rest of my life NOT working on my boats."
Then you state: "But both of the far more experienced sailors that took me out were very unimpressed and recommended I get my money back if possible. Their opinion is that a sailboat at $740 is no bargain when it needs expensive work."
Know this, you are in love with a boat because you think it is a great deal.... I can tell from the photo that you posted that it is not a great deal, and that it needs a lot of hard work to be safe. Several others have already commented the same in this thread, but it is like your friends telling you that your first girlfriend is ugly and married to someone else. You are not going to hear it at this point. That will make the heartache harder later on, but there is nothing that your friends here on the board can help with at this time. (Note we have all done some part of this process ourselves, some of us far more of this process than you can imagine).
This thread is getting a bit mired in the good deal bad deal argument, and you have already convinced yourself that it is a GREAT deal. Furthermore, you already own it!!! So the point is moot.
So what you might want to do instead, because you have already convinced yourself that it is YOUR boat, is start figuring out what is wrong with it that is going to potentially kill you or others. Once you know what those things are start some threads here on what you should do to fix these shortcomings. When you are done fixing just the things that are going to kill you on this boat, Then start working on the things that are going to make the boat sailable easily and with some joy by an "old guy" and post those problems to the board. Again all of your board friends that have already done all of these projects on multiple boats, will help you learn and fix those things too.
Note however that you are going to have spent far more than the $5,500 or so that it would cost for one that was not a bargain. You are also going to have spent a whole lot of time fixing and upgrading things that you could have spent sailing. However you will have learned a lot in the process... And that learning is good for old guys, it keeps us from getting dementia.
http://www.alz.org/we_can_help_stay_mentally_active.asp
Welcome to the group!
Guy