Yes, they can last over 200k, but my understanding is that 200k is about as far as you can reasonably expect from the 4 cyl. There is a reason why such a nice looking and handling car is going for so little money. The 6 cyl models routinely run well past a quarter-million miles. I have a '97 328 with over 275k in the driveway and it looks and runs great.
On the other hand, if it runs well now, and you get another 20k out of it, you have done OK for $2800. After that it is all gravy.