From the pictures it looks like a very clean boat. The interior/vunyl issues do not look like they were from neglect or hard use (as evidenced by the carpet condition and overall condition as well), rather it looks like the typical cracked vinyl from that era of boats. As mentioned, there was a run of sub par interiors in the early 2000's.
I'd say it's a decent deal and personally I'd just fix the vinyl that is splitting and see how long the rest of it lasts.
Things that keep it from being a $20k boat like some later model PS 205s: single axle trailer, no PP, base engine (nothing wrong with that) and no tower (personal preference there).
425hrs is nothing if it's been maintained well, 35hrs/yr is below avg use, but better to see a boat that was used/maintianed every year than a super low hr one that may have sat for years un used, IMO. That boat should have another 1500hrs in it with the orig engine and trans.
'06 X2 MCX
"I understand why some people may not want to do this the way I have recommended but I can't understand the death grip some people have on a toilet plunger with a hose fitting." -JimN