I just purchased a 1993 318i as is. I think I got a good deal. Everything major on the car works except for parking brake which I think needs to be readjusted and the wiper linkage will need replacement. but all in all i got a bimmer for $1000 and i think u can't go wrong there.
Now just gotta wait till it passes saftey and etest and maybe I'll drive down to one of the meets! Pics will follow as soon as I am done work.