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I babysat a friends 1998 M3 coupe for a year while he was down a parking space. Having a fast second car is what led me to own my Boxster.
You can definitely get an E36 M3 cheap and here are some of the reasons for that. BMW interiors from that era just don't stand up to time and weather particularly well. Much poorer than the Porsches from what I can see. Be prepared for lots of brittle fabric and the resulting dust, deriorating seals, non-functional luxury items like seat motors and auto climate. That series also had some serious transmission linkage issues, and not just the shift bushings, like broken centering springs. Lastly it burned oil like mad, which I gather is fairly common with the M3 engine at that time.
They are fun to drive of course, and have one of the stiffest clutches around so could be a good work out too.
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