According to the pilot, during his initial attempt to land the Beech C23 on a 2,999-foot long runway, the airplane was "too high and too hot," so he executed a go-around. After completing a circuit around the airport traffic pattern, the pilot descended the airplane to 500 feet on the final leg of the approach, and added "one notch" of flaps. About 1/4 mile from the runway, the pilot reduced engine power to idle, and crossed the runway threshold at 75 feet and 90 mph airspeed. The airplane touched down within the first 1,000 feet of the runway, bounced, and floated another 500 feet. The airplane touched down again around the mid-point of the runway. The pilot then applied the brakes, but the airplane was not slowing as he expected. With 500 feet of runway remaining, the pilot elected not to abort the landing and continued applying the brakes. The airplane then departed the runway end, encountered a ditch, and came to rest upright. Following the accident, while the airplane was being recovered, a mechanic commented to the pilot that the brakes looked "worn." The pilot stated that had he known this, he would not have flown the airplane. According to the airplane's Pilot Operating Handbook, the flaps down landing approach speed was 78 mph, and the flaps up speed was 92 mph.