Boat floats, motor runs great 60hp,1000watt honda generator, fridge, etc..what more do we look for??
is 4500.00 to much?

Check the hull for rust and look closely at the paint. At that price may be time for a paint job and/or repairs that can get expensive.

1000 KW Generator wont power much in terms of major appliances but you could upgrade with a 5000 KW portable for not huge money.

Boat wont be very maneuverable with only a single 60hp outboard. Make sure you test drive her some.

Good Luck

Steel hull houseboats can be a great buy - if the previous owner(s) maintained it. Many people buy a boat and leave it sit in the water till they sell it, especially bad news for steel. One of the most common areas on Drifters and Stardust was the weld area of the intake pipe for toilet water where the pipe was welded to the hull. This has sent many to the bottom. You should plan on setting aside money each year to maintain the hull, they will rust quickly if you don't keep up with it. Steel hulls frequently rust out from the inside due to high humidity and cold lake water. One of the best things you can do is to insure there is a good air exchange in the bilge to keep it dry. The old Drifter's steered like a scow, they kinda plow the water and dog walk from side to side - generally due to a lack of a well developed keel. Backing up with a small outboard is pretty tough and you have to finesse' the boat if you are in a wind situation since you have a broad side and not a lot of steering authority from a 60hp outboard. But overall to get away at the lake for a few days they can be good bargain. Good Luck