Saw it a couple of weeks ago... Some rust on the bonnet and just starting on the rear quarters under the windows. I've gone and looked at five M325's now and it seems that AC was a not a popular option - this car was the only one that had had AC at some time. It's not a biggy just odd to my mind :-)
Car seems mechanically sound. There's also a hole in the dash under the light knob - did it used to have an adjustable dimmer?