My last boat was a 1972 Ericson 32-2. It was a great learning boat for us. Things to look for:
1. Check the compression post under the mast, some boats have been compressed so much they cause this area to sag.
2. Watch for deck delamination. If the deck has had leaks the deck will be weak. This also can happen to the sole.
3. I think they all came from the factory with a Atomic 4 gas engine. While they can be good engines mine had a water leak that rotted out the engine mounts. The engine mounts were steel fiberglassed into the hull. In 1994 mine were almost rusted through when I replace the A-4 with a diesel.
4. If it has the original fuel tank have it checked for corrosion, mine rusted through and started leaking.
5. If it has wheel stearing look at the stearing block frames, mine on the starboard side rusted through and broke while under way.
6. mine was full of blisters when I purchased it. I had it repaired at the prior owners expense. Since then the only blisters I had were paint blisters.
7. The boat is very tender, espect it to heal to a lot and in light wind, the boat sails on its jib, you might not need anything more than a 110%, I had a 135% in Los Angeles and had reef it often while going to Catalina.
Over the time I had the boat the following major upgrades were done. I replaced all the sails and added roller furling, LP'd the boat, replaced the A-4 with a Beta Marine Diesel, replaced the fuel tank, replaced the standing and running rigging