1993 Compac 23d, Am I getting a good deal at $7,000 ? (Pic heavy)

[cw021382]

Hi everyone, I am supposed to pick this boat up next week, and I am wondering if I am getting a good deal or not.  I know that at least one other person on this site has looked at this boat in person.  I dug up the post while researching the boat.  Any and all information on what to look for when inspecting this particular boat is welcome.  The owner is 75 years old, still very active, and not negotiable on price.  Original asking price was about $20,000 over a year ago, and has been reduced to $7,000.

Here is the history of the boat as I understand it.  The boats name is Appledore and she is a 1993 Compac 23d.  The first owner was located in the midwest in either Ohio or Indiana.  The current owner bought the boat around 2000 at which time he also purchased a new performance trailer.  The boat was last used in 2008, and has been stored on the trailer since.  From 2000 to 2008 the boat was used in salt water on the east coast.  The trailer was only used twice per season to transport the boat.  The boat is pretty much stock and unmolested.  All equipment is original.  Here is a short list of items on the boat:
roller furler, bimini top, screens for all hatches and ports, whisker pole, danforth anchor, shore power cord, 1 new battery

The boat has pedestal steering from the factory, and backup tiller.  
Sails are original and in good shape but owners says main has some stains.
The engine is a yanmar 1gm10.  The owner says it starts easily and runs good.  I forgot to ask about engine hours
The prop and shaft appear ok but fiberglass around the tube may or may not need some work
The exterior teak needs some work.
At some point while the boat was being used, the owner said bilge pump quit working and rainwater got over the cabin sole.  He says it is still solid but stained.

Pictures tell a thousand words and I have about 100 pictures.  Here are some to help you get an idea of the condition of the boat.




















-Chris

[brackish]

In my view, if the diesel is actually in good shape and the trailer is in good shape, and there is no water intrusion in the keel it is a steal.  Most everything on the boat itself can be upgraded/repaired.  Even if you had to replace the cutlass bearing and shaft seal it is still a very good deal.

[cw021382]

I hope it's a good deal.  I have to drive 1100 miles one way to pick it up. I am really buying it sight unseen, just pictures to go on.  The owner says the trailer is pretty much new only 100-150 miles on it, and no cracks or dry rot on the tires.  I am still going to take at least 2 spares with me.  I am a pretty good mechanic, but any specific things to look for on the engine?  I know about the oil lines and exhaust.  Is it ok to run the engine on the trailer with the water intake in a bucket of water?  I know I can't put in gear because no water to lube the shaft, but running the engine should be fine right?

Thanks

Chris

[cw021382]

Water intrusion in the keel?  How do I check that?

[NateD]

Looks like a decent to good deal, depending on the motor/cutlass condition and the cushions/sails. Also, it's only a deal if you actually want the diesel. If you're not set on the diesel you check out this 23 while you're in the neighborhood too:

http://sailingtexas.com/201401/scompac23135.html


For comparison, here is a 23D that sold earlier this year in FL for $7,500, which didn't have a trailer, but also probably wasn't flooded.

http://sailingtexas.com/201401/scompac23134.html

[cw021382]

Here's a few more pictures for you guys.

[cw021382]

Hi Nate, thanks for the links.  I have seen both of those before.  I would like to know if the 23d that sold for 7500 is the norm, or an exception.  I know it doesn't have a trailer, but it looks like it was in good condition.  I would prefer the diesel over the outboard.  My wife and I will use the boat to cruise on for 1-2 months during the summers.  Mainly in northern lake michigan where short steep waves make an outboard marginal sometimes.  Plus the extra charging ability is nice. 

[Sedona Don]

Chris,
I own a 1991 23D.   I bought mine for more money and the boat was in very good condition.   I did put about $1,000 into the trailer before hauling the boat.   Cosmetically, it was much cleaner and had a Ham radio, depth finder, GPS, VHF marine radio, two battery banks, etc.   I did not have an opportunity run the Yanmar diesel before the purchase but I drained the tank and put clean fuel in before starting.   Mine does not have a Hobbs meter, but the engine was spotless and started immediately.   Seems like a lot of boat for the money if you are looking for a diesel.   I don't see how buying that boat could be a mistake unless it is the wrong boat for your intended use.
Don
CP23D - Luna

[crazycarl]

the problem with asking if this is a good deal, is that everyone has different opinions as to what a good deal is.

some people aren't willing to drive 1100 miles, or to do a little work on a boat.  others are looking for that once in a lifetime deal.

figure the gas and hotel into the price of the boat and if you're still interested in the boat, and you are happy with price, then go for it.

ultimately, you're the one investing the cash and time.  if you're happy, that's all that matters.

cc

[NateD]

Hi Nate, thanks for the links.  I have seen both of those before.  I would like to know if the 23d that sold for 7500 is the norm, or an exception.  I know it doesn't have a trailer, but it looks like it was in good condition.  I would prefer the diesel over the outboard.  My wife and I will use the boat to cruise on for 1-2 months during the summers.  Mainly in northern lake michigan where short steep waves make an outboard marginal sometimes.  Plus the extra charging ability is nice. 

$7,500 for that FL boat was on the low side. But my point was, if you're willing to wait, you might find a better value. If you enjoy working on boats and have the free time, then it could be a good deal if there aren't any serious problems with it. But for $9,000 to $12,000 you can get an outboard model in very good condition with a lot of upgrades. I do understand the attraction to the diesel for choppy water though.

[Salty19]

I agree with Carl.

Here's my take on things.

This boat has a diesel and wheel steering..both are somewhat rare and desirable to many.  If you really want them, your choices are few and far between. There were about 30 CP23's with diesels, or thereabouts, made.

Do not worry about the cosmetics.  Teak can be sanded and re-varnished. Fiberglass can be wet-sanded and buffed out.  Bottom can be sanded and repainting. Interior wood can be refinished, and any failing paint in the engine bay can be repainted.
And never forget:  ALL USED BOATS NEED WORK!  You can't avoid this 99% of the time.   It looks to be in pretty nice condition once you apply some elbow grease.

What you are looking for is simple.  You want solid.  You want the deck to feel solid underfoot.  You want dry interior wood and a good running engine.  You want rigging that is solid, straight and reliable. You want a trailer that will get you down the road safely.   Being a diesel, you'll have some seepage through the shaft, so if everything looks dry except for the bilge...that's a good sign.

IMO $7500 is a steal for the boat provided it's solid, the engine sings nicely, and wheel steering is in good working order. However if the diesel won't start..well, it might be a $.20 fix or might be $5K to fix.   Plus the trailer is worth at least $3K, probably more.
My vote is to do your due diligence when you arrive to see it...check it thoroughly, look for solid, smell for mold (which is a sign there were unchecked leaks and possible hidden damage, not to mention it's very difficult to clean up and not have mold come back). 

Like any major purchase, let your head make the decision, not your heart.   But yes, $7500 seems like a good deal even it does need some elbow grease to pretty it up.

[brackish]

Water intrusion in the keel?  How do I check that?

Look the keel over carefully to make sure there are no points that are weeping water out.  If you can lift the sole you can check it from the inside.  I would be a little concerned about how the water got in high enough to get out of the bilge compartment and over the sole with just rain water.  You might want to discuss that with the current owner.  My boat stays in the water all the time, has withstood very significant rain storms, and my main worry is the bilge pumps dry rotting from lack of use.  I've never had a drop in the bilge other than what I put in there to test the pumps.  However, I don't have an inboard shaft.

I would think the water more likely came in through the shaft seal that was improperly packed and set.  In fact, I would be happy to learn that was the case as it is an easy fix.

[Sedona Don]

Brackish,

Regarding your comment -

In fact, I would be happy to learn that was the case as it is an easy fix.

...... I have not had a problem with my shaft stuffing box but I cannot see any obvious way to access it for service.   I am wondering whether it has a dripless shaft log installed.   Do you have any experience with these installations in the 23D?

Don
CP23D - Luna

[brackish]

Brackish,

Regarding your comment -  ...... I have not had a problem with my shaft stuffing box but I cannot see any obvious way to access it for service.   I am wondering whether it has a dripless shaft log installed.   Do you have any experience with these installations in the 23D?

Don
CP23D - Luna

No experience with a 23 but plenty with other boats.  A standard stuffing box has a tensioning nut that is adjusted with spanner wrenches.  The repacking is done when the boat is out of the water.  Modern packing material is made from graphite impregnated Teflon and will last a long time unlike the old hemp packing.  Once it is packed you tighten the nut until you have a drip a minute when the motor is running.  It will usually stop dripping after it is shut down.  Too loose and too much water comes in.  Too tight and you wear the shaft from heat.  I don't have any experience with dripless but if you can't find any hex nut at the end of the packing gland, you probably have one.

You might call Hutchins to see what they were using OEM, although some folks replaced their adjustable for dripless. 

The hardest part of the job on my other boats was getting past the motor to access the box.  On my 8.7 I had to lay on top of the motor.  I've not seen a 23 but suspect it may be tight to get too.

[crazycarl]

here's one to compare...

http://www.sailboatlistings.com/view/46394