Along with what has already been said, don't forget to check the floor as well as the transom. These boats also have a history of soft floors/rotten stringers... so you'll want to walk every inch of the floor, on the balls of your feet, with a springy/bouncing step... Feel for any soft spots. If the floor gives way that's a sign of future work that perhap you don't want to do. 
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1987 V20 w/1987 150HP Yamaha on a Shoreland'r Trailer
1978 16.5 Airslot w/1996 120HP Force on a Four Winns trailer
1996 V21 w/1993 200HP Mercury on a Shoreline Trailer
All towed by a 5.7L Hemi Durango.
If God didn't have a purpose for us we wouldn't be here, so
Live simply, Love generously, Care deeply, Speak kindly.
(Leave the rest to God) 
Silence, in the face of evil, is itself evil. Not to speak is to speak, not to act is to act. God will not hold us guiltless.
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