Is this a really bad idea?

When people say the engine will be reliable I think this statement needs to be taken with a pinch of salt. The engine block might be reliable but things connected to it?

Does it have vanos? Disa? Coolant system that probably needs replacing? Sensors that fail often especially at this age. Can't recall all other things that are probably going to be issues but I'm sure there are more. Oil leaks as mentioned can be a pain.

I think it should probably be with the caveat *Reliable for a BMW* which may differ somewhat if you're used to stuff like Toyotas..
 
about 6 months ago I just sold one almost identical apart from mine was the 1.8, while they are great cars (had mine for 11 years and about 90k miles with no issues apart from 2 rear calipers) mine was rusting away to nothing underneath after 15 years :( it needed the suspension and bushes refreshing to get through any more MOT's but on looking at it i've no idea how you'd get any of the bolts out to replace anything. Probably needed a new rear subframe honestly as it was all so rusty.
 
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