I bought a semi-project (flyable) airplane in Florida a decade ago and it did not pass the next annual, due to corrosion in the propeller flange. Then, we started finding other corrosion in the airframe that made the project much bigger than anticipated. I am still working on returning it to flight.
I don't mean to cast aspersions on your friend's airplane for sale, but he'd assuredly get more interest in it if it had a current annual.
