Its a Euro model, spent time in Germany, UK and Portugal in that order.
Rust - I have seen some really rusty examples. One M3 I saw as a rolling shell had fist sized holes in every wheelarch, sills that looked like some one had been doing target practice with a 12 bore, I could go on.
This example has proper rust under the fuse box, the battery area is okay, some around the rear number plate lights, some bottom of the doors. I haven't had a chance to get it on a hoist to really examine it.
From the comments here I think I need to do a costing on it, and go from there. If I did not want to take it on there appears to be enough interest to be able to sell to an enthusiast.