Hello from the greater Atlanta area. I am the proud new owner of a black on tan 1995 BMW 318ic 5 speed with 260,000 miles. I picked it up for 1800...
The previous owner claims to have had the engine rebuilt ~80K ago (~5 years ago) and a "new" used 5 speed tranny ~2 years ago.
It has been mildly modded with springs/struts, cold air intake, short shifter, front strut tower bar, clear front and side marker lights, and clear and red tail lights. It also has a set of 16" 7 spoke rims from I believe a newer 3 series.
It is in need of a huge cleaning/detailing (though it's not in horrible condition), front seat covers (or replacement seats), a pass side front window motor/regulator, a camber kit and front tires (because of the camber!).
But I love the car and it runs and drives great!
A few pics: