I picked up my K4 for $800.00 off of Craigslist.  I don't plan to restore this bike right away but will be doing what I need to do to get it running and safe so I can ride it this season.
Here is a list of the obvious things that are wrong with the bike:
  No wire harness
  Varnish on engine cases
  Paint is poorly done with no clear coat and gas has eaten into it on the tank
  Side covers are ghetto but painted to match tanks
  Head light off, where PO was planning to repair it
  Coils off, PO took them off to test them, I'll test them myself 
  Front fender has some dents
  Rear fender has extra holes drilled in it under the license plate bracket
  Straight Hooker pipes with no mufflers
  Seat has duct tape on it
  Timing will need set because PO replaced points and points plate
Good stuff:
  Its a CB750K4
  Tires are like new
  Rims are near perfect
  Compression seems good based on resistance at kick start
  New Points and points plate
  Clean oil
  Chrome parts are mostly in nice shape
  Cool looking hooker pipes with no mufflers   

I'm going to go to my storage unit now and roll the bike out in the sun and take a few pics to post.