This one I presume:
http://www.yachtworld.co.uk/boats/1997/Bavaria-46-Exclusive-2555784/St.-Maarten-St.-MartinThe MD22 is the original engine these came with. Weak points are the raw water injector on the exhaust elbow (search this forum for horror pictures, but a relatively cheap part), and the aluminium heat exchanger/manifold unit. It's the model with a v-belt on the raw water pump - that's good. The pump seals go, so check for leaks at the shaft end of the pump. Otherwise a good engine. Braided fuel lines were very rusty on mine where they passed through the bilges and insurance asked me to replace them.
Boat looks nicely kitted out and well maintained - seacocks and saildrive are the two large ones that would've needed doing.
I'm surprised the mast needed refurbishing so soon. The anodizing normally lasts 30 years or more. Ask why.
Check those Spinlock rope clutches. Mine were seized around the shaft and opening one caused all on the shaft to open at the same time.
The Raymarine ST60 instruments are still fine. CRT radar looks prehistoric. Ripping out the side deck teak is another big job ticked off - cockpit teak is probably due in a few more years, but that's a manageable area.
Rudder and bearings should be a focus for the surveyor - Bavaria switched suppliers later on due to quality issues. Rudders often have water ingress via the rudder post/grp join and osmosis from the inside out, plus the bearings tend to wear or seize.
In general, Bavarias of that time were well built production boats with a good design and well picked suppliers (Selden/Hasselfors/Furlex, Volvo, Elvstrøm). They were however built to a budget. If you stick your head in a locker where there's unpainted fibreglass to see, you can see what that means. It was made in a factory production line and is a boat built to go boating, not one to be admired for beautiful craftsmanship. Although the interior joinery is certainly not to be frowned upon - good quality and materials and much more of it than in current models.
I'd say go for it (pending survey).