I actually ran a moderately active (like 20,000 hits a day) small business site from a laptop for a couple years. Of course one of the first thing I did was put a "SERVER DO NOT SHUT DOWN" sticker on it, and set the power settings so closing the lid did not shut down or sleep the computer. It was a Dell 7000 series with 16GB IIRC, it did great.
Not advertising here, but with this low traffic you could be in a permanent free tier with AWS with all the availability guarantees. It doesn't work with EC2, but for serverless solutions (ApiGateway, Lambda, DynamoDB) they have something like "we start charging after 1M calls per month" (don't quote me on this exact number). I have a couple of pet projects working this way
Please use an ethernet cable, you gonna need to keep that connection spotless and WiFi are vulnerable no matter which protocols, better turn it off.
If I may also add install a custom firmware on your router(Rec. Tomato series most updated)/hardware firewall(Rec. pfSense) with a VPS if the network is used for other means, they will help you in the long-term.
It should go without saying if you can't secure a server, don't host one.
You're responsible for anything that happens to it & us.
What specs do I need to run a lemmy instance for, say a small group of 1000 people? Cpu, Ram, Amount of Electricity needed, Minimum Internet Speed, Storage? Assuming that I would be federating with the top lemmy instances.
I've heard of people running (Mastodon, not lemmy, but it's probably comparable) off a raspberry pi, but I doubt that'd be feasible for more than a few users. I might set that up for self-hosting though