Nissan's a fairly reliable brand like all Japanese cars. 200k may not necessarily be end-of-life, provided it's been maintained properly, but some things will start to fail by then: suspension, some possible steering issues (esp boots and u-joints); timing belt (not sure if Nissan uses belt or chain for that one); transmission (probably more likely to fail before engine, especially if automatic).
Take it to a mechanic and have him do a few basic tests: compression, spark plug check, fluid check (trans, steering, etc...), check steering boots and joints, check valves, etc...
Given that it's a Sentra and thus 4 cylinder, the car shouldn't cost too much to be checked out or get repaired. Conversely, the value of the car may be a real issue if you have to make major repairs.
Popular Mechanics had a wonderful checklist for buying a used car. Google it.