Thinking of buying this 03 X5 4.4 (CARFAX/photos included)... help please

[INFID3L]

edit 9/26: *** UPDATED @ POST #9 (SEE BELOW) ***

So I wanted to get some opinions on this vehicle before biting the bullet...

- The seller is a used car dealer and is listing it for $12,700
- 2003 X5 4.4 w/ 67k miles
- For CARFAX Click Here
- I will drive it to a BMW dealer for a used car inspection (seller immediately agreed)
- I plan to offer $10-$11k if all checks out

My concern is the CARFAX... you can see for yourself but it shows:

2004 - Body electrical wiring repaired, Engine/powertrain computer/module checked
2007 - Accident reported (damage exceeds $750)
2011 - Failed emissions inspection (then passed a week later)

So, what would you guys do...
would you risk it and trust BMW's used car inspection (assuming all checks out)?
or is a car like this a big NO-NO?

Some photos...