That spot looks like very light rust--more a case of the paint having flaked off and easily repaired permanently (not like the stuff that comes bubbling out of the crevices and tends to cover the entire undercarriage, which I would check). The biggest drawback I see, in my book, is the mileage.
2004 BMW 330i ZHP (50k miles), Jet Black with black leather, MFactory LSD (3.38) with Z4 cover, 18"x8.5" ET38 APEX Arc-8's (Anthracite) with 245/40 Michelin PSS', Koni Sports with factory springs and front and rear reinforcement plates, Shark Injector, TMS under-driven pulleys (water & steering), CDV delete, TMS CF strut brace, K&W CAI, GAS DISA rebuild, TMS pedals, Wheelskins steering wheel cover, roller tray center console, and WeatherTech floor and cargo mats