'87 V20 Steplift questions

[mserg1]

I've looked an '87. It's an I/O version Mercruiser. From my intila inspection it looks very clean. No sft spots ,no spider webs in the fiberglass,1 little scrach in the gel coat, Trailer is so-so. It was just a preliminary look-see but the boat looks real nice for it's age.

What are the problem areas I should be looking for?

Assuming that it's as good as it seems to be, what's the approximate value?(the boat is in NY--salt water usage)