JonnyP71
Explorer
The intro mentions the players should be broke and worn down when entering Hommlet.
Unless you really want to weave this into the plot line, that whole section about the adventurers being impoverished beginners should probably be ignored. It's presence in the text means nothing more in reality than 'this adventure is designed for a new party of 1st level', because all 1st level PCs in AD&D were relatively poorly equipped and impoverished. T1 was the 1st low level module released for AD&D and that passage was simply backing up that fact.
But, and this is quite a big but, it also assumes that this 'under equipped ragtag bunch' are 8-10 strong in terms of numbers - few parties these days are. 1st level PCs were also highly expendable - that mindset has all but evaporated too. The Moathouse is a tough old place for a 1st level party, and a large party of level 1s are likely to experience several deaths along the way. Unless the players are highly skilled and innovative, with typical modern group sizes being in the 4-6 PCs range, the DM might either want to reduce encounter numbers, provide cheap (free!) henchmen - there are a few available in Hommlet, or give them some small tasks beforehand to help them get some coin and thus some better armour, or maybe even a level of experience.
I've not tried converting this one to 5E yet, but I can see it being just as deadly - if not a little more so, due to the effect of extra numbers of enemies in 5E. The encounter with the Brigands has TPK written all over it.
The other intention of that introductory passage would have been to encourage the DM to get the party to interact fully with the townsfolk, and that's where the true strength of T1 lay - Hommlet itself was/is a great little place to base a campaign from.
I'm using it as the hub of a 1E campaign at the moment - the party are renovating the Moathouse to use as their own base, they've employed some Gnomes to help them (after freeing the Gnome captive), the party's Cavalier serves as a Captain in the town guard under Rufus, several of the party have converted to the Church of St Cuthbert, and Lareth became an ongoing nemesis, before finally meeting his fate underneath a Folding Boat!
The players have a secondary group of characters who are currently scoping out Nulb....