Yes, several issues that could be serious.
The biggest issue is the exhaust tubes. They can allow water to get too far up into the tube, blow the HO2 sensor, foul plugs, and possibly cause a damaging hydro-lock. Honda Service Bulletin addresses this issue. The fix is to replace the exhaust tubes with re-designed ones. Honda sells a kit for under $200 to make that fix. Check with the previous owner to see if SB#56 has been preformed on that engine. Alternatively, call Honda Service at 770-497-6400 to see if they have a record of the SB being performed on that engine. Have your model number and SN available when you make the call. The exhaust tube outlets must be a minimum of 5.9" above the water line. The higher, the better.
The second major issue is the mid-shaft bushing. The earlier model 225's did not allow sufficient cooling water onto that bushing, it would wear, then wobble, and even eat through the lower cowling. This was especially a problem with the longer shaft engines.
The third serious problem is corrosion developing around the thermostats and eating through the metal, allowing a major water leak. Pull the t-stats and check for corrosion. It can be repaired by a very good welder who is experienced with working on cast aluminum.
Having said all of that, if these engines are rigorously maintained IAW the service schedule, they run for thousands of hours. Aristikat, who follows this forum has well over 3000 hours on his early model 225's.
Before purchasing, I strongly recommend that you get the boat and motor to a Honda dealer or certified Honda Tech and have them hook up the Honda Diagnostic System computer (HDS or Dr. H) and look at running history, performance, and verify hours. Also have them conduct a compression test. All cylinders should be over 200 psi and no more than 20 psi between the lowest and highest. Have the water pump impeller inspected/changed and while they have the lower unit off, have them thoroughly inspect the mid-shaft bearing.