I'm curious what you typically replace when you find an old bike somewhere. Every bike is different, yes, but a lot of these bikes are the same age and have been neglected in the same ways. Not looking for a "what to check when buying a bike thread." Looking for what you can expect to need right away to get the bike ridable again and then also what you usually end up replacing within the first year after you take care of all of the more obvious needs. 

My list:

cables
grips
Tires/tubes
petcock (or at least repair kit)
seat cover
crank seals
brake shoes
points/condenser
sparkplug
levers
air filter
gear oil
carb vent hoses
fuel line
random mismatched/hardware store bolts
bulbs
forks seals/oil

Then my bonus list if I plan to race it:

Number plates
front springs + emulators
shocks
footpegs
handlebars
clutch plates
Chain/sprockets
Plastic fenders

Am I missing anything? Does anything on my list stand out as not usually necessary to you?

great list

I have replaced wheel bearings in addition to brake shoes on all the bikes I have brought back to life, the thought being that if I am going to replace tires, tubes and brake shoes so I don't cut my life short at my 56 yr prime that I might as well replace the wheel bearings too.

on cables, unless they are cracked/kinked or otherwise stretched out, I enjoy soaking them with WD or PB and bringing them back to life.

I have wasted time and money trying to refurbish petcocks only to go and buy a new one for way less, so this is my plan going forward.

Definitely replace crank seals - on my most recent DT1E they were hard like rocks and cracked into pieces upon removal....I also replace all the other seals too so I don't have leaks.

on the clutch, if the friction plates are in spec then I reuse them, never had an issue

i always end up with leaking forks too, sometimes even after smoothing out inner tubes with 0000 steel wool.  On DT1E i popped for the replacement tubes from DC Plastics, what a luxury item!

Good luck and have lots of fun with your money pit!

Martin
 

I agree that I should also include wheel bearings. Another thing I thought of was wiring sleeve. It may not all need replacing, but most of it is very stiff and cracked.