To add to Charlies post about rot and cotton (which it is prone to)... Sea water seems to decrease rot as well. So if you live next to the ocean, swamp it after use. And if you paddle in fresh brackish water, wash the thing out after use with hose water.
It is very likely you will need to reskin it after a year or couple. Since its skinned already, paint and paddle them anyway. That way you will know what improvements, if any, you need to do to the frame.
I have heard a real cheap option is the discount shelf at Lowes/HD, which is customized color paint that gets returned. Limited selection in color but you might get lucky.
Scott