Thinking of buying this 03 X5 4.4 (CARFAX/photos included)... help please

So I wanted to get some opinions on this vehicle before biting the bullet...

- The seller is a used car dealer and is listing it for $12,700
- 2003 X5 4.4 w/ 67k miles
- For CARFAX Click Here
- I will drive it to a BMW dealer for a used car inspection (seller immediately agreed)
- I plan to offer $10-$11k if all checks out

My concern is the CARFAX... you can see for yourself but it shows:

2004 - Body electrical wiring repaired, Engine/powertrain computer/module checked
2007 - Accident reported (damage exceeds $750)
2011 - Failed emissions inspection (then passed a week later)

So, what would you guys do...
would you risk it and trust BMW's used car inspection (assuming all checks out)?
or is a car like this a big NO-NO?

Some photos...

I'll keep looking, both emission and electrical past problem can be the tip of iceberg of bigger problems.

Car is 03, electrical repair was in 04 so it must still be under warranty and got fixed by BMW. I wouldn't worry about that.
Fail emission could be something as simple as loose gas cap.
Look like it's a 4.4 with sport pkg and Navi, with low miles. If the PPI from BMW find nothing wrong with it, $11K is a good price.