It's my view that anything under about $7.5-8K is going to need a significant amount of work, though. We all know how many things there are to take care of on E36s, and when you're talking about a sub $7.5k M3, I promise it's going to have a fairly lengthy list of things needing attention. My standards are fairly high, though.
1998 BMW 328is
1966 Pontiac GTO
2007 Subaru Impreza 2.5i 5-door
View my photos: Caught in the Wild