The main question you will have to ask is, can you afford to run it?
A low list price is well and good..
BUT, of all the cars I would ever want to have to pay to run, the very bottom of the list (next to an old, mistreated Porsche 911) is a well-thrashed BMW M-car.. especially at 160,000 miles, and /especially/ one that's been autocrossed and modded. Parts are very expensive.
IMO If you want a good (manual) M.. go looking for an M3 that is worth owning, I wouldn't recommend buying this one just because it presented itself. As it's a weekend toy you won't use daily, you're probably best off with a good condition, pref. low mileage one if you can hack the investment.
Bear in mind, if you're looking for a weekend/nice day toy, an M3, especially the E36 M3, doesn't really cut it, it's just a high power saloon(well coupe) - *especially* alongside real sports cars such as the very highly rated Porsche 968.
good luck with whatever you get!
2.5-16v 1990 90,000m Astral Silver
2.0E 8v 1986 107,000m Black