Welcome to the forum, if you've been lurking a while, you have already learned a lot!
I paid $1000 for my 240D 4 months agos with 239,000 miles. To get it thru MD state inspection, I had to replace rear dics, shoes, all metal brake lines and cables. It also had a very worn driver's seat and some floor rust. Neither the A/C nor the cruise control functions yet. It is a good solid driver that gets about 29mpg
Hope that helps you put a value on the car you are considering.