88 e32 5spd

Hello everyone! I am a former e30 owner and I have owned an e34 also. I now have an opportunity to buy a 1988 735i e32. It's been sitting for at least 5 years without once being started. The guy told me to make an offer. I don't know the guy well but he seems to be a really nice guy who has this beast buried in his garage. It's not running of course, has a minor ding on the rear driver side..the interior could use some TLC but it's in pretty decent shape from that I can tell.
I need help trying to price this car and and more importantly, I need to best figure out what's wrong with it and estimate the cost to get it back on the road. Can anyone give me some suggestions as to how to go about this? It's a manual by the way. I am a noobie when it comes to BMW but i am willing to get my hands dirty (not trying to pay someone else if possible) I am also on a budget but don't want to miss out on getting this car. I could use a simple check list. Should I buy a battery and see if it starts...do I change all fluids first? Not sure where to start.
Thanks

A starting point for service considerations: Tyres, battery, ALL fluids during MAJOR service, spark plugs, waterpump, t'stat, radiator flush, compression check. Maybe to start with: spin it up with fresh oil and oil filter, two batteries, no spark plugs installed and coil disconnected. When you get the oil light out THEN compression check, fire it up and see. Good luck - hope it goes well for you

Thanks ! That helps. I'll be sure to change all fluids. I will need a battery I'm sure, I'll be getting another chance to look at it next week and get more details as well as service records.
Thanks again!

More details on the 88 e32 ...it has 204,000 miles on it, has been parked in a garage for the last five years without being started up. The engine was serviced about 5 years ago. I'm going buy a battery on Thursday and see if she starts up for me. Wish me luck. It's a five speed which I understand is rare. In looking forward to getting her road ready

You could find that all the carbon/gum etc in the engine has been softened by the 'fresh' oil left in it. The debris will end up in the oil filter and block it (don't ask how I found out). Be prepared for two filter changes on the same oil.