If only $400, look really closely for issues or missing parts. Id be skeptical of any boat painted with a handful of black spraypaint cans. Are you fine with putting some work into her? Used parts can easily be found on craigslist or ebay for relatively cheap.
I picked my H16 a handful of years ago as a total wreck. It was unloaded on a guy for free and he didnt have the patience to learn to sail or rig the boat. Got it for $20. Comptip mast was cracked, needed halyards, a rudder, tiller extension, jib replacement and other misc stuff. Trailer fine, one hull good and the other riddled with soft spots. It was a fun venture to get the boat in sailable condition. With all of the parts that I was able to pick up, including another boat that was falling apart, I was able to keep and sell enough stuff to wind up with a fun and safe sailboat that cost me a total of about $250. Got the registration cleared and repainted the hulls with rustoleum. "Jackie" looks great from 20 feet away and while not a racer, definately a fun day on the lake.
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