The good thing about the E46 M3 is that the engine in that car is probably one of BMW's finest moments. It is a rock solid unit that very rarely gives kak, as you can tell by the lack of technical inquiries on this forum.
However, when you have a highly tuned engine it DOES need to be driven,otherwise the parts are not stressed enough, if that makes sense.
I will use the Audinary RS4 as an example. That car was made to be clouted often, and if it wasn't, there was hectic carbon buildup on the valves and components started giving issues. Please don't get me wrong, I am not for one moment comparing the M3 to the RS4 in this regard, I am merely trying to illustrate a point. Ask the owner if he HAS driven the car hard and how often. It's a simple question and one he should be honest about, not because you are trying to catch him out, but because it makes sense that an M3 is caned on occasion.
In my opinion you will never go wrong with one of these cars, no matter the age or the mileage, it is simply a magnificent motor vehicle that pushes all the right emotive buttons. Getting one with low mileage is awesome. Just don't turn it into a museum piece or rack up hectic mileage. A stunning example one will fetch good money one day. If I had some moola lying around,I would be adding one of these to my garage.