There's something funky going on on the side of the starboard hull - underneath the front crossbar going back to the shroud attachment. Looks like a ripple - maybe some delam or a repair? It shows up in multiple photos taken in different locations, so it's not just a random shadow.
The boat's been painted for sure - there are no hull graphics (stripes / "Hobie Cat" near the stern). The original color that came with that sail pattern was blue hulls/decks with a dark blue triple stripe.
The aluminum is just too clean and dark for a boat that old, so it's probably been painted, too.
There are parts missing from the trapeze systems (the whole adjustment system).
I would check out that starboard hull very