is this price for real/looking to buy 328I/E36/M3

Hi everyone, I am looking at this ad on craigslist for a '97 BMW 328I/E36/M3...It has a salvaged title. He apparently restored it. He is asking 1500 for it and I think I must be missing something...the pics looks great. He says the only thing it needs is to have the hood painted and a new window regulator for one power window in the back. It is registered and inspected until Feb '13. Here is the post:

http://dallas.craigslist.org/dal/cto/3223208229.html

Please somebody tell me what I am missing before I plunk down the money and find out I've been had!!

thanks!