I walked away from a 1986 E30 325e today.  I won't say what the owner
wanted.

It's not running very well but there are no bad engine sounds (even with
a stethescope).  The car needs exhaust work, a steering rack (both boots
shot, noticeable steering play), brakes, an oil leak fixed, valves
adjusted (you could *hear* that they weren't happy), a window regulator,
and assorted minor stuff, some of which needs to be fixed and some of
which is fairly inconsequential.  The owner does not know whether the
timing belt and water pump are due (which means they are, to me).
186,000 miles.

On the up side, the car came from California a couple of years ago and
has *no* rust, good tires and glass, and a fairly new clutch.  It seems
otherwise fairly tight.

I can probably get a window regulator and steering rack for around $150.
 The oil leak is probably the half-moon seals and/or the valve cover
gasket (which would need to be changed to adjust the valves anyway).
Brake parts are probably in the $100 range but I've no clue what exhaust
parts cost.  There were no obvious vacuum leaks but the engine lopes
when started cold and doesn't want to idle down when warm.  Valve
adjustments, cap, rotor, wires, and plugs will probably go a long way
toward making it run right but I'm not certain they will fix all the
driveability problems.

Kelly Blue Book value for Good condition (including some stuff the car
doesn't have, like ABS) is $1360.  Fair condition is valued at $1030.
The good body condition makes the car really tempting, but...

What's actually a reasonable price for this car?

JRE