FE501-to buy or not to buy
I have a 95 FE501 that I have owned since 1998.
The bike had some work done just before I bought it, six years ago. I have never taken the head off or any other major work. However for a couple of those years I rarely rode it. ( I have other bikes).
The reason I have had it so long is because it is very versatile. I don't know how you intend to use your bike but I have used the FE for: motocross, grand prix(mx with long laps including asphalt), street, trail riding, dual sport, and most recently super-moto. It will do these all these things but not necessarily that well. For the street the clutch drags andthe bike tends to creep forward even with the clutch pulled in.
The biggest problem I have had with the bike is hot restart, this has been a problem ever since I bought it. I thought it was an inate problem with the bike. It is worse when really hot (like when racing) the high mounted left side kickstart makes the problem worse. This isn't such a problem if trail riding.
Changing the oil is critical, (the capacity is only just over a quart) even if I've been a slob with other areas of the bikes maintainance - I always change the oil; after each race, practice or significant ride. Make sure the previous owner has been diligent about changing the oil.
These bikes do not turn quickly - when compared to japanese mx'ers. They seem long. People tell me you turn best by sliding the rear end.
Ebay seems to have a constant flow of spare parts with people breaking bikes and selling the individual parts.
I don't recall the electric (re)- start being an option in 95, I thought that came later- 98 or so, but I may be wrong - wouldn't be the first time.
I hope this has been some help.