Other more knowledgeable folk will be along, but I'll share my experience:
Check the internal structure carefully for signs of damage. The exterior may have been repaired beautifully, but often in the internals do not receive the same level of detail, and can give away signs of a prang in a previous life.
At that age, the motor is the single biggest cost. That, and feeding it. Make sure it's got relatively even compressions, see if the bottom leg will come off easily. If it hasn't been maintained well the impellor may be half rooted, and the bottom leg rusted/seized on and its almost impossible to get them off, and the engine will eventually cook itself when the rubber impeller shits itself.
Look up how to decipher the serial number of the outboard. My 90hp Evenrude came with a late 1980's cowling, but once I looked up what the serial # meant I saw it was a 1976 85 hp Evenrude
That'll do for now
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