I like sunroofs, so this car not having one is not a selling point. It also wouldn't stop me from buying it. (It should be noted that the sunroofs on E39 BMWs are one of the car's few weak spots. Often an E39 with a sunroof really doesn't have a sunroof - Or at least a working one.)
I like the looks of the M5 bumper on this car. That is the only modification done to the car. In my eyes, having no mechanical or boy racer mods is a huge selling point. (I have nothing against well done performance mods, I would just rather do them myself or at least be very familiar with the shop that did them.)
Mechanically, this car needs struts (which the seller is including), some rear bushings (I drove a 540 last week that had bushings that would wake up the neighbors) and possibly a brake sensor.
The car has a few cosmetic flaws, but if you planned on using this car as an urban commuter / shopping car, you could - might as well - leave them be. The only slightly alarming issue with this car is the keyless entry not working on the left rear door. In the picture, it looks like the rear door has been repainted, indicating an accident. (The quarter panel has a slight dent, too.) I would be extra vigilant in looking for any shoddy body work.
The seller seems very upfront in his description of this car. He is asking $3000.00, but is very willing to listen to offers.
Located in San Jose, CA, click here to see the Craigslist ad.