Found a 1987 V20 for sale...input requested

Hello all!
I am so glad I found this forum. I have located the following and would appreciate your thoughts:
87 V20 Cuddy with full transom
97 150 hp Johnson Ocean Runner
2003 Alum. Tandem Trailer
Stainless Corp Alum Bracket with full swim platform
New electronics i.e. Garmin GPS, Garmin Depth Sounder, VHF Radio, CD stereo
Boat has a Bimini top and cosmetically is very nice. New fuel tank and the bracket was professionally installed by a local fiberglass place and the Johnson replaces the original SeaDrive motor.
He has the receipts for the engine...purchased as N.O.S. still in crate in Mar. 2003 for $5300.00 and it has 18 hours on it.
The trailer receipt shows a cost of $2600.00 and is 9 months old. The red stripes on the trailer, hull sides, and along with the red bimini really make this rig a head turner.
There is no bottom paint and the original gelcoat bottom looks new and shiny. (unfortunately I will have to sand it down to apply bottom paint because I use a slip :(
He is asking 11k and has accepted my deposit until we run the boat next weekend. I asked if his price was firm and he indicated he would accept a reasonable offer. My question is what is this rig worth? Is it worth what he is asking or should I try to get him down?
I have always been drawn to the profile and design of the V20 and I really want this boat but I want to get it for a reasonable price and at the same time I don't want to insult the current owner. The original owner was a family friend of his and is 77 so he sold it to this guy. He claims to have $11,500.00 invested.
Thanks so much for reading this long winded post. It is my first one and I promise all future ones will be shorter ;)
Capt. Jerry