Hi Mike, those old w/c are all beauties when they're done. For me, it would depend upon how much the seller wants for it & how much you want a wood/canvas in the fleet.
Like you, I don't need another project but, if it's cheap enough & you've got the time & patience...
It certainly looks like the gunwales (inner & outer) are shot but whatever rotted them has probably damaged at least some of the rib tips so you'll have those to deal with. Canvas is a given and I don't think there's any way to tell about planking until you get the canvas off (but there are many here who would know about that better than I do.)
If you can buy it cheap, maybe grab it, strip the canvas & scrub the crap out of the inside. Maybe even remove the gunwales, if needed, to see how many ribs need attention. At that point, you'd have only the initial purchase and some time involved but I think I'd want it cheap enough that I could burn it or give it away without regret in the event that the determination is that it's too far gone to save.
