I was up in the Marin yesterday so I arranged to see this one. It's a real dealer selling a real car.
It was originally Nevada, but appears to be on it's third repaint. There is evidence of dark blue prior to the Earl Scheib red.
This one spent time in California, Washington (Seattle) and Hawaii.
The car smells really musty inside. If this car was in Seattle and sitting outside, I could understand it as the smell brought back a lot of memories of looking at old iron in Seattle back in the 90's.
The paint is getting very matte looking, especially on the trunk and hood. The driver's front fender, on the side, but near the A pillar, has some bubbling evident on it. I checked the cowl from the inside on both sides of the car and it looks ok.
Inner fenders are painted black, along with the underside of the hood. Has most of the original tools in the kit and some new spares from BMW in the trunk.
Wood is starting to go, as one would expect. Driver's side rear wood is covered with a fake wood vinyl covering.
Speakers in the door panels, one is a small tweeter hidden behind perforated holes, the other is a big one mounted near the door pockets.
Hand crank sunroof, electric windows have been disconnected and the hand cranks have been added to the front.
Car smelled of really old gas when started...
Personally, I don't see his asking price as anywhere close to reality, but I believe the good ones generally trade privately without much advertising.
For someone that wants to get into one now, it could probably work, but you will need to do everything to it along the way.
Seems like it would be better to put another $10K in your budget and buy one that doesn't require much, if anything, or find a better one for $28K.
My take is that it's overpriced for what it is and what it needs.