I just bought a 91 325IX auto with 4drs and 120K miles for $3300 this week which is pretty hard to beat. Has some issues. Paint, the parking pawl no longer catches, a window wont roll down, but drives like a champ and interior is like a time capsule. Hell the A/C still blows cold and the seat heaters are hot hot hot. I finished detailing the inside tonight and after 6hrs of scrubbing the carpet with a toothbrush and cleaning all the leather I cant believe how good the inside looks. Griots interior cleaner is beyond incredible. I think the previous owner fixed rock chips with a putty knife full of touch up paint. Its ridiculous, but I figured I live on the inside not the outside and the inside was extremely well kept so I could live with it. Why do owners take a small problem and make it worse though. Hmmm.
I have no idea on mods. Im penciling $3000-4000 to turn the car into a mountain goat. New tires, timing belt, h20 pump, fluids, maybe new brakes. And remainder just in case the tranny craps out as I was told here they like to go belly up at my mileage. I wanted an AWD car under $6500-7000 so I have a lot of room in case the doody hits the fan. Price was too good to pass up so I took my chances.
Id see when the timing belt/water pump was done, and if a while ago, replace those first. From the talk, thats the task that gives you the most "mileage".