I'm a happy owner of that exact boat - a 1981 3270, with Volvo AQ-140 4-cylinder engines.
As most other posters have mentioned - the Volvo 4-cylinder engines are pretty much bullet-proof, BUT.. parts are getting harder to find, especially for the transmission. And 'peripherals' like coolers, o-rings, pumps, etc. can be problematic.
The first thing you need to check is: have the factory aluminum fuel tanks been replaced? If not, you need to budget for doing that immediately. They will eventually leak. That would be bad enough with diesel, it's deadly with gasoline. I replaced both of mine with Mueller poly tanks.
I paid $5000 total for my boat, with one seized engine and one very tired engine. I bought it because it was a very nice dry hull with an excellent interior.
Since then I've replaced a lot of stuff, including two rebuilt Volvo 4-cylinder engines, fuel tanks, custom poly fresh water tank, all new canvas, radios, cockpit sink compartment and much more.
Yes it's been a project, but i've sure learned a lot and I know the boat inside out.
Speed is of absolutely no interest to me. I was raised on sailboats, so the 3270's cruising speed of 9 knots seems just right. Nobody spills their drink, and if you hit a log it's no big deal.
You can do 24 knots with this hull with pair of big V8's, but the fuel bill will be heavenly..
The most popular version of this boat is the one with Hino diesels. But often the price is double (or more) the gas version.
This was THE most popular cruiser of all time.. over 3500 hulls produced between 1981 and 1995. There's a good reason for that. Unmatched living space, incredible value, and quite reasonable performance. Want a fancier newer boat? You can easily pay 10x that amount for a similarly equipped 32 footer.
Here in the PNW you'll find a handful of Bayliner 32's in every marina.
I think they're like the Ford F-150 of the boating world. Nothin' fancy but it definitely gets the job done.
Yes the 3270 has it's drawbacks.. every boat is a compromise. But I've never met a Bayliner owner who didn't (mostly) love their boat.
Check out: bayliner32xx.com and baylinerownersclub.org for lots more info.
Good luck!