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I've owned 3 e46's and a e90 and can tell you the best bang for buck are the following:
e46 (ZHP if possible) 330i or 330ci in manual OR (if its hard to find one in good condition) a 328i e90 with N52 engine. Do not get Xi and manual over automatic if you can! e36 328i are just as good but even harder to find! The N52 engine is pretty easy to fix and cheap but not as easy as the m54 engine!
What you want to stay away from are BMWs that burn a lot of oil
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