Converting an old single axle boat trailer into a utility trailer worth it?

How worthwhile is it to convert an old trailer for a 16 foot boat into a utility trailer? I have an old one that my dad is letting me have and I want to convert it into a utility trailer. It needs new wiring and lighting as well as new wheel bearings. I have a few extra pieces of steel that I have purposely put aside for this project (was initially gonna scrap those pieces with the rest of the steel I currently have), so that's a start. Also, and I ask this for guys here who have done this before, how much (lbs.) were you able to safely carry in your home-made utility trailer from an old boat trailer?

For a few hundred in material id give it a go. If it doesn't work out; worst case scenario you break even. 1 or 2 loads will pay for itself. If all else fails scrap the trailer frame if it doesn't work.

I built sides on a 16ft car hauler. Only cost around $250 for plywood, studs , paint and angle brackets. First load of steel paid above and beyond my cost.

lights aren't that difficult either, you can either take em from another junk trailer, get em at a yard sale or flea market, or buy a cheap kit

Ive seen them in and out of the yards here major problem is the axle is too far back.. move it forwards. also most people here just screw the deck boards down to the frame and let it keep the dished profile.. kinda holds the load in

Be mindful of tongue weight and how that effects the dynamics of the trailer. You do NOT want the tail wagging the dog.