I'm not worried about the calipers - I've never had an issue with pitted calipers unless the car sat for years. There's pretty much no way they've been rebuilt once already after being installed in '07. Front brakes were done a little over a year ago and are showing half pad remaining all the way around, so wouldn't need attention for 30-40k miles the way I usually go through brakes, neither my wife or I are hard one them. Owner is putting a water pump in this weekend as he wanted to be sure that was the problem before throwing parts at it. I went over there yesterday after work and started the car up, bearings on the water pump are shot and it is definitely the issue. No CEL, engine ran smoothly with no VANOS noise, which is one of the few of the M62tub's I've heard that didn't make at least some noise. It is showing evidence of a minor valve cover leak and had the timing chain tensioner rattle on start up, so would need the updated tensioner. Service records indicate thrust arms were done, coil pack recently replaced, new serpentine belts (will need a new main one with the water pump) and it needs a rear sway bar link. Tires are practially new.

From all I could see, the owner and PO took very good care of the vehicle, most recent service was in Sept at Crown BMW in Richmond. I will test drive it once the water pump is done and make a decision on whether/what to offer then. Cosmetically the car is extremely nice which is why I'm still looking at it. I'll post whatever I find on here in case anyone else is interested.

Oh, Dinan records indicate all of the parts on it are correct. Apparently S3's did not all get a s/c, but that would be the valuable part so doesn't really matter much to the value and, if anything, hurts it a bit due to the cost of brakes. Exhaust sounds nice, though.