I think you should be able to get it closer to $2K, with milage and work needed. Just drive it, untill it drops and sell for parts...
This is what i'm planning for my 740il winter beater; its been 10K km already, i know the torque convertor is on its way out, the only things i fixed was window regulators and some small things to fix my CEL, and its been going great so far!
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