Kurt:
I have the same 2003 car and bought mine with about the same mileage and same price as the one you are looking at now. Mine still looks new; I bought it after it came off a lease.
This is a great resource - this is the FAQ link and they have a good forum too:
http://www.e46fanatics.com/faq/faqs.php
I did not do a great amount of research on the model before I bought it, but my post purchase research left me comforted.
The car is really fun, gets decent mileage and has remained trouble free for 6 months now. I really like it.
I know that there can be problems with the windows/regulators, electrical system and I have read that the radiator may fail around 100k - some say like clockwork.
I don't think the wheels on the car you are looking at are the original xi wheels, FWIW.
Here's mine:
Good luck!
Best,
Kurt