Is there any reason why you specifically wanted an 850 MkIII model (not that I think there's anything particularly wrong with the MkIII model as I own one) or is it just a case of that particular Commando being available and offered at the right price?
The Mk III Commando electric starter was always considered to be a bit underpowered-but there are a number of starter upgrades available, so it may be worth finding out if the electric starter has been upgraded if electric starting is one of the main reasons why you want a MkIII (however MkIII owners often completely removed the electric starter mechanism).
Front brake upgrades are also a common and desirable Commando modification, as the standard Commando (not just MkIII) front disc is rather wooden and not very powerful.
For lots more Norton Commando information, I suggest you go to the Access Norton forum:
http://www.accessnorton.com/Certainly check the "usual" things-such as excessive smoking, knocks, rattles, misfiring, bad starting, etc...