The thing hanging down probably is, as "basket.case" mentioned, an outboard pod.

It looks like a very nice boat fallen on hard times. Boom is missing (and sails of course), lots of cosmetic work to be done and lots of equipement are probably missing. Can't se any delamination signs on the pictures tough ?
But finding the owner and doing a survey might be worthwhile anyway.

Would be just the ting for me and my family, *sigh*.