Loaded and ready for the trip home:

From what I can tell, it was sold by a Munich dealership to be exported to Central America where it probably lived in El Salvador from 1986-1992 or so before being imported to the US. This is based on my examination of the original service booklet and the shop stamps. Based on an old insurance card with a unique name, I'm guessing it remained with the original owner until about 2005 in the Atlanta metropolis. Another person owned it for a number of years in the metro area and sold the car last year.
The 518i is very basic and has quite a few differences when compared to the higher-spec and larger engined E28 models. I will try to document those differences during the course of repairs. For a 518i, mine has the unusual option of factory A/C. A 1985 ordering catalog I have from BMW the shows that green insulating glass (like a US car) was recommended in conjunction with A/C to improve the cooling performance and this car was so equipped. Other options are central locking, power mirrors, power steering (although this might have been standard), and a factory installed radio with power antenna.
Despite the cars current mechanical needs it appears to have been taken care of over the years. I have found rather new Euro headlamps & grilles, tail lamps, AFM, all ignition components, radiator & hoses, and catalytic convertor. It probably had to pass Georgia Clean Air emissions up until 2011 so it had to run well. Right now I have to look forward to a clutch job, brakes, shocks & struts, shifter bushings, LCAs, and rehabbing the driver's seat structure to make it a safe and comfortable E28. I would also like to obtain a more correct size tire for the 5.5" steel wheels. The 185/65s on there now are a bit short; a 185/75-14 would be a more appropriate substitute for the original 175R14s.
As far as my plans for the car, I would like to keep it original as much as possible. It has survived this long without molestation. Obviously I will be myself and go through the car, cleaning and detailing along the way while fixing things. While not detailed it is very clean throughout, including the undercarriage as would seem indicative of a lower mileage car.
I have not driven the car much to get a good feel for it, but my impression is that it is not as slow as one would think. The M10 runs a bit higher compression than the ones sold here and with such a lightweight body, it still beats the diesels. The owners manual shows a base 518i, ready for the road with a full tank of gas, as weighing 2560lbs. I don't know the weight of the A/C system, but I'm curious and have some corner balance scales.
Anyway, it will probably be a while until I get around to working on the car and sorting it out. Just for grins, I decided to clean up a section under the hood. Single stage tends to stain as it is more porous, but I'm happy to see it cleans up fairly easy with some elbow grease and a non-abrasive product. Here was a couple minutes of work on the front corner of the fender and hood latch support:


The rest of the original paint should come out well. Unfortunately the driver's side doors, rear quarter, and trunk lid were repainted and the color match is off. All panels including doors appear original and show no evidence of filler, so it was likely more innocuous reasons for the paint work. The color difference is a bit less noticeable in person depending on the light. Something to address eventually.
Here are some pictures of the interior from the seller's ad since I haven't taken any:



