Very briefly, I've found a locally available K1200RS (Red) with 34k Miles for US$4250.

Trying not to show my enthusiasm too much (grin). It appears to be in excellent condition. I took some pics if anyone is interested.

I know the rear splines are the key, and if I buy it I'll look at them over the winter. Other than that, the only things I've noticed are:

a) Lower left corner of faring scratched, perhaps in “controlled” fall when owner forgot to deploy the kickstand.
b) Light oil stains/drips down the crankcase cover.
c) Left heated grip not working
d) Light scratches on the outside casing of the muffler
e) non-stock windscreen
f) A few minor rust spots on service bolts (front brake caliper and transmission filler bolt).

TWB has suggested these bikes as a good investment right now. I plunked a deposit down while I wait on the check from the insurance company for my '85 K100RT.

Is there anything else of importance I should look at before buying?

The splines don't seem to be the problem they were on the K100 Monolever however one thing I have found with the Paralever is the small roller races where the rear drive case mates with the swinging arm.
You can check them by giving the rear wheel a wriggle and feel for movement or slack off the big nut at the pivot and turn the pivot pin with an allen key and you may feel them grating. That doesn't mean don't buy but it does need new bearings.
Those bearings are as important to keep in good condition as it is to do the splines on any K100, they have been a major bugbear to me on the K1100.
One thing to always bear in mind is that the owner usually has a good reason for selling and more often than not doesn't tell you what it is.

Thanks for the advice Rick.

It's a dealer bike. The dealer says he got it at auction and put two thousand miles on it (and grinning when he said that). (Note: On e-bay there's another RS in Cali, one year newer with 10k less miles going for only $4500, so the price seems right.)

Can't speculate why it was sold in the first place. I probably won't know the answer until I get it apart over the winter.

good luck aj

hope to hear of a ride report soonish ......if you can stop grinning long enough

Here's what KBB say about pricing on, for example, a 2001 K1200RS.

http://www.kbb.com/motorcycles/bmw/k1200rs-abs/2001-bmw-k1200rs-abs/suggestedretailvalue/

$4250 seems about right for a very clean example. Note that the fairing design changed in January 2001 so see whether it's the early or the later design. I don't recall a red model after 2001. The big thing to be sure of is if the ABS pump has any issues, due to the brake fluid not being regularly flushed and refilled, that the splines have been lubed, and as Rick suggested, the final drive to swingarm pivot bearings are tight. Also, check the clutch slave cylinder for leakage - they tended to dribble and destroy the clutch plate with brake fluid - and that the clutch spline o-ring is in good nick (not leaking engine oil onto the clutch like a bad rear main seal).

Otherwise, the valve clearances (shim under bucket) are very stable, the engines are powerful and smooth and the gearbox slick in their rubber mounted way.

Good luck with it. I love my GT version. It's one of my very favourite bikes.

Yes. Rode it home yesterday in 34-36degF temperatures covering about 75mi. Had to do it to avoid trailering as it was the last possible day of the year without ice on the roads.

As snow lined the sidewalks and slush still in the gas station driveways, I was the only motorcycle on the road. More than one person told me not to do it ("no, no, not today!"), and one person at a coffee shop (where I stopped to warm-up) told me I was crazy.

But, it's in the barn now. I'm putting together my 'to-do' list of maintenance items and looking forward to riding it next spring. 

Goodonya. There's a good Winter project to help you get acquainted.

Winter of '78/'79 while at uni I rode my R75/7 everywhere throughout Connecticut and Masachusetts, even getting into New Hampshire on occasion. I got strange looks, didn't care. I had to ride slowly, feet down in 6" of white stuff at times. Often cars would give the bundled-up rider a wide berth. But, when the roads were clear it was all mine. I fell on black ice just once. There were less vehicles on the road in them thar days, and people had a bit less concern for themselves alone. I think I was in living colour; not black and white and there were certainly no rose-coloured lenses.

good to hear aj ....have fun !!!

Quick follow-up.

The bike came from NY, NY. The big Apple!

It's still fairly much stock. (see avatar)  Most of the miles were probably put on when new. After that, it likely sat around in front of bars and such and hasn't seen much road action in a long time. But, they did keep the finish up real nice!

Anyway, thanks to the K100 board, and knowledge gleaned from tinkering with my '85, I feel the confidence needed to take-on a project bike as this. I believe over time more people will gravitate in this direction, towards the K1200, especially the earlier models with standard brake systems. The maintenance is much the same. It looks so different at a glance, but everything is there in the same places as the venerable K100. I feel at home.

Sort of a strange feeling that I'm no longer riding a "classic." Now it's just another "older" bike on the road.

Fully understood - I'm eyeballing a 2003 K1200GT at the moment.....................

AJ, I have a fairing nose in that colour to fit your new RS in very good nick - no damage or marks. You can have it for postage. If it pleases you let's wait 'til after the holidays.

Congratulations A.J.! I hope you have a great winter's entertainment going over it and safe enjoyment in the spring!