yes and know
I have 215k on my E46 and operates like NEW. My E30 had 275k on it when sold and was in perfect condition (engine and body). But one needs to check it out to make sure it is not a DOG. Has the car been maintained properly. I would be most interested in just the engine since that is the big dollar item, so oil changes and tune up regularly. You can sense something may be wrong just looking if the wires belts and hoses look real bad, or if it has signs of a gasket oil leak that has been there for a long time----most likely it has not been maintained--but see if he has the records.
If that checks out--you will need to be ready in the next several months to incur certain cost that is normal and may not happen for years: hoses, belts, window regulator, LCA's, brakes, tune-up, tires--BUT this is minor considering the good price that you are getting as long as the engine is sound. May also want to check for the E46 rear end tear --not sure if that affects your model year (cost about $800 to fix).
Go for it------------