YIKES! Over here in Nashville area I picked up a 1990 vert for $1500. Just needed a few things (odometer, shocks, bushings).
Edit:
Here is one with a rebuilt motor and some other goodies for $4.5k
https://memphis.craigslist.org/cto/d/memphis-1988-bmw-e30-convertible/7172321392.html