The 94s and 95s are very similar. The engine in the 95 is double-vanos, (has BMW's variable valve timing system, similar to VTEC, on both the exhaust and intake cams), whereas the 1994 is single-vanos only (exhaust cam I believe). I think 95 was the first year of the full body colored bumpers/side skirts, while the 92 has grey bumpers and the 93-94s are half and half. The side marker lights were phased in in 1994, and the sport package was first offered in 95 (I think, may have been 94).
The radiators are plastic and destined to crack.
The auto. trans. doesn't last, but you should buy a manual anyways.
The HVAC system is not the most robust, but pretty good. 1994s are R134a instead of R12, not sure about earlier years.
The stock radio has poor FM reception and lacks bass. You can plug in a changer if its pre-wired, or just replace the whole system.
The LCD display on the computer (if it has one) and/or the check control display tend to fade and/or LCDs burn out.
There is an issue with the rear end, known as the rear subframe issue (but not actually involving the rear subframe), that should be checked by the mechanice (you just need someone who knows to put it on a lift).
Run a carfax on the VIN, have a dealer or INDY mechanic check it out, and you should be okay.
This topic has come up before. Try a search of the forum for E36 problems, etc.