Hello,
IMHO, engines hours, without maintenance records, is not work anything. You can engines worn out at 500 hours, you can have engines running like new with 5000 hours.
That 1990 boat is now 18 years old. That is really only a little more than 100 hours a year. If the boat was used a lot, that could be a few long trips each year. Certainly not unreasonable. I bought my boat (1986 O'day 35) in November 2006. The engine had 3600 hours on it, AND records since day one detailing oil changes, transmission fluid changes, water
pump impeller changes, zinc changes, etc. The engine runs great and drives the boat at hull speed. (of course, the second day I owned the boat it refused to start when it was 35 degrees out and I needed to get the boat home. But it was just a bad wire to the glow plugs)
Barry