Thank you all for the feedback. And my apologies, forgot to list the year: it's a 98. Few things missing, like the ladder that was removed and someone slapped silicone to cover the holes. Ski pole missing but I could make one. One of the straps in the bow is missing, trailer needs new tires, few other minor things I could deal with. The reason why I didn't list the price is that every market is different and where we are - north of the border - prices can be stupid, due to demand. Seems that everyone is looking for a starter boat. For the year, these usually go for more than double what I'm about to offer, to give you some perspective. Offer I have in mind: around the $4000 mark. Unless I'm mistaken, you couldn't get a 98 Evinrude Intruder 115 V4 for that much, which is what the boat comes with.
Personally, I can live with the rough upholstery. It's not like it's fully ripped or pieces are missing. It's just cracked up badly, as seen in the pics. To me aesthetics take a back seat to safety. Which is where I am: is this boat safe, seeing how it likely was left outside without a cover for some time.
Oh and I also looked closely at the floor by lifting up the carpet around the ski locker. It's some sort of laminate material, an inch thick and it looks solid. This was a very encouraging sign. There are no soft spots on the floor (no surprise seeing how this isn't wood and therefore not prone to rotting).
My concern now turns to potential wet foam. Such as where the ladder holes are and the silicone patch job used to seal them. Or on the edge of the hull where it has a few gaps missing in the gelcoat. Didn't look like it was deep enough to penetrate the foam but I won't know till I dig it up further in order to patch up these nicks.
But there lies another question: seeing how these are compartments, even if an area has wet foam, it probably wouldn't spread all over. I saw a pic of a similar Flyer showing the fibreglass "stringers". They seem to be done in several sections. So my hope would be that if water has compromised the foam, it would be limited to that one compartment. Can someone confirm if this would be the case?
Not sure I can take the seller on his word but he did say he had the boat running at mid 40's (mph) and that seems to be the max this boat is capable of, with a 115 hp power plant. He also said the boat sits level in the water. A test drive would be ideal. I proposed it and it could happen, he didn't deny it, it just proves challenging due to proximity to the lake and well, we both have families with young tots and lack of time is a challenge. I would, however, do a compression test prior to finalizing things.
After listening to some of the comments here I am now satisfied that this would be a good deal and a fun project, seeing how there doesn't appear to be anything major here (if one can call a good cleanup "minor" as it badly needs it). Going to call the seller this afternoon and make the offer. Again, thanks for the invaluable timely help.
Oh and as mentioned above: if the boat proves to be a keeper, we could always save up for a reupholstery job down the road.