Mine has 140,000+ miles on it, just coming apart this winter for the first major rebuild throughout.
Things to specifically ask about on the K4:
1. Ask if it has any "jump-out-of-2nd-gear" issues. If so, the bottom end will need new 1-2 countershaft gears and new transmission bearings if you go up to 836cc, as the current ones will have slightly rounded dogs and the shifter drum will be worn in the 1-2 shift pattern. This is entirely normal wear: if you were staying in the realm of 750cc or smaller (i.e., stock overbore sizes) it would not be a serious issue. The 836 will make it an issue, though.
2. The primary chains will be pretty used up, especially for 836cc increases.
3. The valves will likely need a light valve job, but if you're tearing into it, that should be considered anyway. The K4 top end is very reliable, but it does wear its rocker shafts quite a bit, so it may sound a little rattle-y up on top, especially when warmed up. This is normal wear, and not a problem unless you're heading for 8000+ RPM work: then you should replace the shafts and possibly the rockers, for best performance.
4. You will probably find oil leaks in the following places at this mileage, unless it has been re-sealed:
a. Tach drive at the cam cover.
b. Countershaft (where the chain rolls on the primary sprocket).
c. Points seal (a little, not a lot).
d. Oil pan gasket, making a greasy mess under the engine and on top of the pipes.
e. Possibly the bottom of the head, where it meets the top of the cylinders, from 30-year-old Orings that are getting tired.
Overall, I would consider all of these issues to be normal on a K4, and if any are missing, an exceptional bike if it is virgin. I have seen many in this condition that took little cash to make into excellent 750s again.