Just back from the 4th sail this year. Have always loved Hobies... first boat ever was a Hobie 12 Monocat. Not having a boat for several years, I pulled the trigger last fall. Found the boat listed for $300 or $400 on Craigslist. Sitting in a field, it needed work but had potential. From the bottom up:
Trailer was fine but needing lights.
One hull great, other with major soft spot issues.
Lines old - some usable, some not.
One rudder and tiller missing, the other just fine
Castings good. No extension.
Standing rigging fine, running rigging needing work.
Tramp, while dirty, was in surprisingly good condition.
Mail sheet and blocks good.
Sails usable but jib needing replacement.
No pink slip, and made a deal to haul the boat away for a twenty dollar bill... Then to work! Assembled all needed parts via Craigslist or eBay on the super cheap. Found new/replacement halyards, mast, job, rudder, extension, jib and other parts for under $200. Slapped on a coat of rustoleum; cheap but works fine. Did some soft spot repair, but then found another hull for another twenty bucks.
While not race ready, for what is invested- we have a fine looking craft that's seaworthy and a real blast! Id post a pic here if i knew how...