1981 Wellcraft V20 with I/O

[Rookfish]

Found this on Craigslist and I spoke to the guy. Posting here both for information for myself as I try and figure out if this would be good for me, and I guess to let others know about it.

This is NOT my boat and I've never seen it. I don't know the owner at all, just found it on Craigslist.

http://cleveland.craigslist.org/boa/4277868213.html

The guy says it has an I/O Mercruiser 470. Does anyone have opinions on the V20 with an I/O, this particular setup or pictures of the deck with an I/O? One benefit for a V20 is deckspace, which is limited with the I/O, right?

His family owned this boat from new, per our conversation. Says that it has the wells for livewells, but no pumps and the livewell is not setup. The transom and stringers have not been updated, he claims they are "solid".

Any thoughts on this boat? Decent price but I'm sure it will need some TLC.