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318 rebuild price??

I found a 1984 318i for sale really cheap. But I think the timing belt
broke. I owner said the engine seemed to run on two cylinders then die.
I can buy this car for a few hundred dollars and I would love to drive a
318 instead of my 1998 m3 this winter. My question is: has anyone had to
rebuild/replace a 1984 318 engine? Price range? Things to look out
for?I'm considering making this a track car in the spring or just a
winter car.
TIA.
You may e-mail me privately if this has been discussed in the past.

Sean Duckworth
1998 M3
1984 318i????
duk007@domain.elided

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