Horrible idea the early-mid 2000s was the start of the BMW Money-pit production line up and this is no exception. I heard that motor was alright as well but even the "good" BMWs fall apart. Keep in mind there is more to a car than just the engine.

I mean if you would be fine with throwing 2500+a lot more into the ocean and walking away, then it might be an OK car for a few weeks. If not, run.

This is a BMW look by mechanic Car Wizard, this is a 3 series an the 5 series has even more badgets and stuff to go wrong:

https://www.youtube.com/watch?v=I95LurFYbtg

The vehicle might be seem inexpensive, but the maintenance won't be.

How does $1,100 for one headlight sound to you? (not including labor)

Be prepared to spend a ton of money on just maintenance, let alone repairs. I had an X5 with the N52. Amazing engine. But an arm and a leg and a torso to maintain. 

DISA valves are plastic crap.  PCV valves replacement requires replacing the entire valve cover. Oil changes are expensive for the oil quantity alone.  

And I hated the iDrive infotainment.

Like what was said above.  Daily driver, no  .

project car, yes.

Funny enough, maintaining the X5 made me understand cars more, and really appreciate the reliability of my Honda and Toyota, which I took for granted.

i 

If it’s a daily, walk away.  The vehicle still has over-engineered German technology;  you can’t just focus on the powertrain, but rather the whole car, and you will be spending more money over time than the vehicle is worth.  For your money and sanity, look for something else.  If it’s a project car and you want to do all the work yourself and really learn how to work on BMWs, then that is something else, but you will still spend lots of money (definitely going to be a labor of love).  But if you have no intention to work on the car yourself and learn all the in’s and out’s of that vehicle (and become a pseudo-expert) then walk away.

Thank you all for your responses. I really appreciate it. I understand that this is not bmw fanbase or anything and I owned a bmw before and I didn't invest any money on fixing it and maintenence was not too expensive either. Of course probably e46 318i was a simple and more reliable model but still. I understand cars and understand bmws so I can do a lot of things on the car myself and I'm not a bmw fan but I'm just a car fan in general. I love how that E61 drives, handles, how spacious it is and gas mileage of it is not that terrible. And where I live in my region there are no cars basically below 3k so this is basically a steal. In terms of reliability yes I would go to Toyota or Honda any day but in terms of driving experience I think those BMW and Toyota or Honda are not even comparable. If you know any deals that out there I would love to get some options. Thank you.