Please tell me what you guys think of this find...

1. 1989 325iS... orig. owner.....female in her 50's
2. Black/tan inter. 140,000, all stock, 205-60-14 stock wheels w/20,000 off rubber
3. No rust, one small tear on driver's seat bolster (as usual, it seems) Glossy paint, did hit a deer but all fender stickers match VIN#
4. Just replaced diff w/used unit (why??) hope it's still a L.slp. (can anyone tell me how to identify by looking?)
5. No synthetics used until recently.
6. No oil leaks between 3&4th cylinder (as I'm told is common)
7. Kinda southern car
8. Missing front spoiler "iS lip"
9. Cruise control never worked
10. All orig shocks/suspention
11. Orig. clutch
12. Never driven over 85mph by her
13. Has receipts, but not as many as 11 years ownership would suggest.

ASKING $6500 What should I offer her?

About $4,500 to 5,000. Sounds like it needs about $1,500 worth of parts and work to make it right. Ask her when the last time she had the timing belt changed as well. Using synthetic oil at this stage of the motors life could cause some oil leaks if it's never been used in the past. At 140k, if she hasn't had belts, hoses, water pump, A/C hoses and other items replaced recently...you'll be doing it soon.
Hope this helps.
Neal