depends upon previous service history - does it come with any paperwork? what did the previous owner do maintenance wise?
value always comes down to what someone will pay, plus condition of the vehicle. with most cars, that comes down to how well did the previous owners maintain it.
i'd always rather have a higher mileage, better maintained vehicle than a lower mileage maintenance/repair nightmare....
having said that, 230k is nothing to sneeze at; that's some miles. i'd want to know how often the cooling system (radiator/water pump/etc.) has been serviced/replaced. has the car ever overheated? the early to mid nineties 3 series was famous for the plastic waterpump overheat failure. how often have the fluids (brake/transmission/etc.) been flushed/replaced? Those are often overlooked by many owners - particularly transmission since BMW has gone back and forth on that being a 'lifetime' fill item.
with that kind of mileage, i'd want to know what kind of condition the suspension is in - you mention a new tierod and ball joint. personally, i'd want to know why, at least, the ball joint wasn't replaced as a pair.... that's just my personal bias...
i'd recommend a good PPI (pre-purchase inspection) by a trusted, knowledgeable shop/mechanic - check with your local BMW club chapter for recommendations.
what are your plans for this car? if you are looking for something as a project and you are willing to put money in it, then some of these concerns might not be as important....
now, with 5 speeds!