I recently bought a 1987 Honda TRX125 for $170 (obviously not running)
I'm slowly fixing it but I'm stumped right now, I'm trying to get spark but to no avail.

I have 12v at the battery, the electric start is turning over the engine quite fine, and there is lots of power at the 2 wires that connect to the ignition coil but I'm getting absolutely NO spark.... I bought a new ignition coil and spark plug and it neither changes anything.... what am I doing wrong?

 

I guess it depends on how high that voltage spike from CDI to ignition coil is. I don't know that model, but suspect it will be similar to other Hondas of that era, and most Chinese stuff was copied from Honda motorcycles of the 1980s too. The voltage spike to the coil can be well over 100v on some models. I have worked on the 200cc Big Red engines and the spark on them always seems feeble, but they have an adjustable gap between trigger coil and camshaft, and it seems to require the minimum gap to make them work at all. However most Hondas are triggered from the flywheel and the trigger coil is fixed. Check out AC voltages from trigger coil and power coil at the stator.