How does the boat look? Is the price point right? How much money am I looking at sinking into this to make it capable of racing? Are the parts easily found for restoration?
as far as how much you need to put in it for racing, this boat most likely is not going to be a racing boat, you need depending on the condition a 90's to current for solid racing hulls. The parts are expensive as with all sailing boats, but easily found.
might aswell buy a decent laser ready to race! It will not only save you time, but it will make the chance of damaging the deck by drilling and what not less because you wouldnt need to with a ready to race laser
The hull will be the cheapest part of the purchase, it is the sum of the other parts that will make this old crappy boat about as expensive and a mid to late 90's boat
Avoid the 1989 to 1991 as they are made by Pearson Yachts as the proved to be poorly made Lasers and don't stand the test of time.
Seems the best made ones are 1997 onwards made by Vanguard
-The newer boats are usually slightly lighter and stiffer, seems to make a noticeable difference in light air
-a 1990's boat in good shape can be competitive, an abused 1990 laser could be a total pos
-A brand new boat will be very competitive, you will need to upgrade the rigging for racing in order to be competitive, if you're buying new do some negotiating and they might throw is some of the upgrades